Life insurance is a sound idea to protect you and your loved ones. However, many people don’t end up getting it.
There are plenty of reasons for this, but the most common is the cost of the policy itself. If somebody feels as though a policy is an unwarranted expense they just might not be able to afford at the moment, they are far less likely to want to purchase it.
In reality, though, there may be certain aspects to life insurance you haven’t considered that could change your mind. Here are three things you might want to think about before completely dismissing the notion of getting life insurance for yourself.
1. It can provide comfort to your family in a stressful time.
In the event something happens to you and you’re no longer around for your family, either due to sudden illness or an accident, your family is going to be dealing with a tremendous amount of grief and stress. A life insurance policy can help with funeral expenses, paying the mortgage, keeping up with bills, and even providing your spouse the chance to support your children or stay in your home for a couple of years, depending on the size of the policy.
2. It may be able to be used for emergencies.
Some life insurance policies can provide you the opportunity to cash them out when they mature enough. This means you could use it for a medical emergency or some other situation in the future you had planned for.
It’s not a good idea to use a life insurance policy as a retirement investment plan, but it can certainly be part of your portfolio.
3. You can determine the beneficiary.
When you have a life insurance policy, you name your beneficiary. This means you can choose whomever you want to be in charge of the money that policy pays out in the event of your death.