Life insurance is one of those things that you either think you do not need, or have plenty of time to get. If you factor in the notion that life insurance is somehow meant to pay for expenses after your death, it is easy to understand why most people are not rushing to acquire this important insurance coverage.
The fact remains that purchasing life insurance is not only a sign that you are an adult, it also shows that you take your financial future and that of your family serious. As unpleasant as a conversation about life insurance may be; the benefits of having one outweigh them by far.
1. Funeral expenses
It is natural and understandable that pondering about your demise is not a very attractive thought, but it is important to remember that a Scottsdale funeral can cost more than $10,000. And that is for a “regular” burial and service. This is a substantial amount of money, for most families. In the event of your death, your family should not also face the burden of having to shoulder your funeral expenses. Having a life insurance policy in place that takes care of these costs, shows that you wanted to support your family or loved ones, as best as possible.
2. Life is unpredictable
Let’s hope, the worst won’t happen, but life is unpredictable. If you should pass away suddenly, because of an accident, stroke, heart attack or other sudden occurrence, life insurance can help your family to keep paying bills such as mortgage, utilities, insurance payments and more. A sudden loss of income, is a severe blow to most families’ finances.
3. Send your children to college
Once, you have children, you have the desire to make their life as easy as possible and enable them to have the future they deserve. This can mean, paying for a great college education, their first car, or just plain making sure, they are taken care of. A life insurance can assist you, in securing your children’s financial well-being.
4. Tax benefits
Your Scottsdale life insurance can be set up to build cash value. These types of insurances often also have tax benefits. Life insurance, can be a financial smart way of investing in your future.
5. It is financially smart
Life insurance counts as financial asset and as such helps you build credit, or help you get health insurance or even a loan. Oftentimes, life insurances have cash value, that in case of bankruptcy, creditors are generally unable to touch.
6. To pay off debt and estate taxes
Does your family have money set aside to pay off debt or estate taxes? Probably not. Life insurance coverage is a smart way to assist your family in paying these important and essential expenses.
7. Cheap premiums
The sooner your purchase your Scottsdale Life insurance policy, the cheaper your premium will be. It is a financial smart move, to lock in low premiums while you are still young. Most Scottsdale residents end up buying life insurance later in life and regret having missed out on the advantageous rates they could have had, had they purchased coverage during their twenties, for example.
8. It serves as retirement supplement
Some life insurance policies, such as a whole life insurance policy, for example, have fixed premiums, but allow you to build cash value. The premiums are higher than those of other products, however, it allows for loans to be taken out, based on the accrued cash value, which then can be used to pay for medical expenses or serve as supplemental retirement income.
9. It protects your business
With so much talk about how life insurance coverage can assist your family and loved ones in time of financial hardship, it shall not go unmentioned how it may also help keep your business afloat. You have probably worked hard to start and grow your business. A life insurance policy can (depending on which policy you choose) help to pay expenses during times of financial strain or assist your business partner, family or co-owner to pay expenses connected with your Scottsdale business, until things have calmed down, after your passing.
10. It just makes sense!
Having life insurance is just an all-around smart move. It gives you and your family peace of mind. No worries about how your family will pay for your funeral or keep the business running, after you are gone. No life insurance policy can ever make up for the loss of a loved one, but it can certainly show how much you have cared about the well-being and future of your family and give you peace of mind, because the one thing in life that is certain is that life is unpredictable, and it pays to be prepared for it.
To discuss which life insurance coverage best fits you and your lifestyle, call the experts at Smart Move Insurance today to discuss your options or to set up an appointment at 480-397-9525. We are looking forward to helping you to provide a secure financial future for yourself and your loved ones.
