You already know the disadvantages of life insurance (and if you don’t, here they are), and you may think the upside is obvious: your beneficiaries will be provided for if you die early. Depending on how your beneficiaries choose to use it, the proceeds of a life insurance policy can help pay the rent and/or mortgage; your children’s education; help pay lingering debts, and in the event of your untimely demise, can help those who are mourning your loss to address financial needs and worries during a difficult time. But while all of that is true and important, there are other benefits, too, and if you’re thinking about getting life insurance (which you need if you have loved ones who depend on your income), they’re worth considering.
It’s cheaper and easier than you think
Permanent life insurance coverage lasts a lifetime but can be costly. Term life insurance covers you for a fixed number of years, is surprisingly affordable. For example, a healthy 35-year-old woman could buy a 20-year, $500,000 Haven Term policy, issued by MassMutual, for about $18 per month. Also, the process is quick and easy. You can rustle up an initial quote for yourself by answering a few questions.
If you’ve decided to buy a term life insurance policy, you can accomplish most of the process online with an agency like Haven Life. You submit an application, get an instant decision on coverage eligibility, and, if approved, can start coverage that day.
It’s usually tax-free
In the event that you die during your life insurance term, payouts to your beneficiaries are typically tax-free. Not only does this mean your money goes straight to them, but it also means you can do less math. When you’re deciding how much to get insured for, you can work out your family’s future needs without trying to calculate what happens if the tax code changes over the next couple of decades, which means you can put away the calculator and the crystal ball.
It gives you inner peace
When you get home or auto insurance, you’re obviously hoping not to experience a car crash, burglary or flood, and term life insurance is similar: you plan not to use it. If you outlive the term, you don’t get the money you spent on the premium back (but you’re still alive, which is incalculably valuable), so you should think about what the policy bought you, namely: peace of mind. Even a good life comes with some worries, especially if you have kids and/or a partner, and a life insurance policy can give you tremendous tranquility, knowing that there is a financial backup plan for your dependents. If you’re interested in inner peace, it’s also worth noting that term life insurance is cheaper and less time consuming than a yoga retreat, and you don’t need to leave the house for it.
Easy + Simple + Inexpensive
“The easiest, simplest process for receiving term life insurance. And the premiums were the lowest quote.” —Michael
Learn moreRead more at
It gives you outer peace
The sense of calm you feel when you know you’ve protected your family with life insurance will also be felt by your family themselves (definitely the adults, and probably the kids once they understand what things cost). If you’re the bread-winner, your partner will have the proceeds of the policy to help with financial needs during a difficult time, which makes for a markedly less stressed household, which is better for everyone in it (including you).
It makes you discuss death…
When you’re assessing your life insurance options, it’s inevitable that you and your partner will think about mortality, and that’s actually a good thing. Only 1/3 of us have living wills, so it’s important for families to discuss what each person wants if they should die unexpectedly or end up unconscious in the hospital. While you’re talking about life insurance, it might also be worth discussing preferences to be outlined in your wills, especially since you can create them at no cost as one of the several benefits of being a Haven Term policyholder.
…But not for long
Once you’ve had those conversations about death – well, you’ve had them. And it’s the same with life insurance. With such weighty matters decided upon, you can get on with the business of living, only with less worry than before. And that may be the greatest advantage of all.
Michael Davis is a freelance writer and editor who has covered everything from fashion and music to parenting, work, and finance. He has been a chef, restaurateur and record label owner. All opinions are his own.
The post What are the advantages of life insurance? appeared first on Blog | Haven Life | Life insurance & Personal Finance Tips.
from Blog | Haven Life | Life insurance & Personal Finance Tips https://ift.tt/2RW0RRR
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon