It isn’t easy being an adult. Sometimes you have to make hard decisions—like what to do with your limited financial resources. Is it better to save for your children’s education, set aside funds for retirement, or prepare for unexpected events like a medical emergency?
Given these—and all the other demands on your money—it’s easy to see how life insurance can get lost in the mix. What you may not realize, however, is just how costly delaying the purchase of life insurance can be. In fact, waiting just a few years could have lasting repercussions. Consider the following:
While nobody thinks it will happen to them, tragic events can—and do—happen every day.
1. Final Expenses
A funeral can cost between $7,000-$20,000. And that can be a financial burden for most families at a time when they are already suffering from the loss of a loved one. Everyone needs final expense life insurance, at a minimum, to cover funeral and burial cost and possibly medical expenses.
2. Your family depends on you—and your income.
Every day that you are not insured puts your family’s lifestyle and future at risk. After all, how long do you think they could get by without your income to help support them? With life insurance, your loved ones will not lose their financial security if something happens to you.
3. Life insurance gets more expensive, and harder to get, the longer you wait.
Since life insurance premiums are based, in part, on your age and health, the longer you wait, the more you may ultimately pay for coverage. Also, if your health begins to fail, you may have to overpay just to get coverage—if you can qualify for insurance at all.
4. Whole life insurance builds cash value.
In addition to paying a death benefit, whole life insurance policies accumulate cash value on a tax-deferred basis. As long as the policy remains in force, you can use this money to start a business, buy a new home—anything you want. The sooner you start paying policy premiums, the faster your cash value may grow.
At first glimpse, life insurance may not seem like an immediate need. But, there are plenty of compelling reasons why purchasing a life insurance policy should rank high on your list. Take a moment to look into it, and see how easy it can be to give yourself—and your loved ones—this valuable protection.
Prepare and protect your loved ones call Cherie Smith-Mosbey today at 714-392-0278 to get a complimentary life insurance review and analysis.