Why Life Insurance is Important

September 13th, 2017 | Author:

[Y]ou get those life insurance mailers or see ads on TV and you may ignore them. If you’re relatively young and in good health, you may wonder why life insurance is important for you.

Protecting Your Future

Life insurance is designed to be paid out when you die, so how can it possibly protect your future? With some policies, namely whole life, you can cash out the policy when it matures. While this is not the best use of your money for investment purposes, it is a good side benefit if you want to provide for loved ones. You can use that money when you are no longer able to work if you need the cash.

Protecting Your Family

If you have a family or plan to someday soon, you will want to know they are provided for if something should happen to you. Think of the horror stories you’ve heard where a family ends up homeless or in a bad situation after the main breadwinner has died. You don’t want that to be your story, and a life insurance policy can prevent it.

Adding to Your Value

Depending on the type of insurance you get, you can add it in your list of assets, which increases the value of your worth. If you’re applying for a loan, increasing your worth is beneficial to getting approved.

Peace of Mind

One of the best reasons to get life insurance is to give you peace of mind. Your final expenses would be taken care of so your family isn’t burdened with that cost. Burial expenses can add up to several thousands of dollars, which many people don’t have. On the other hand, many people can afford the monthly payment for a life insurance policy.

Just make sure you shop around and compare types of insurance as well as products so you know you have the coverage you want at a price you can afford. Even if you don’t have to use it for many years, you will appreciate knowing you were responsible enough to take care of this important asset.

Newest Answers

Get a Better Credit Score in 2017

January 22nd, 2018 | Author:
h

[I]f you have a goal to improve your credit score for the new year, you need to set up steps to help you achieve this goal. For many, they read all kinds of information about how to get a good credit score, and it can be overwhelming. Sometimes, it can sound so easy but not […]

Continue Reading »

Why You Need to Check All Three Credit Reports

January 19th, 2018 | Author:
h

[T]here are three major credit reporting agencies: Experian, Equifax and TransUnion. All of them provide a credit report which lists your personal information and credit accounts. You can get one report for free each year or purchase extra reports through the agency sites. Many people just get one credit report, but you really should get […]

Continue Reading »

What is the Right Amount for a Credit Limit?

January 18th, 2018 | Author:
h

[A]s you get credit cards, you will notice they give you a credit limit. This is the maximum amount you can spend on the card without paying some of it off first. Credit card companies often increase your credit limit as you prove responsible handling the amount you have. You may wonder if more credit […]

Continue Reading »

Buying a Car with Bad Credit

January 12th, 2018 | Author:
h

[I]f you have bad credit, it can be difficult to qualify for a car loan. However, it’s not impossible. Before you go out and apply for money to purchase a vehicle, there are some things you should know. Check Your Credit Before you fill out any applications for car loans, you need to take a […]

Continue Reading »

What Does No Credit Mean?

January 10th, 2018 | Author:
h

[M]any people hear that they have bad credit, which means they haven’t always been responsible with their credit accounts. However, it is another situation entirely when a person is told they have no credit. You may wonder how that’s possible and what it really means for your future. No Credit Doesn’t Mean Never Any Credit […]

Continue Reading »

What You Need to Know about TransUnion

January 8th, 2018 | Author:
h

[T]ransUnion is one of the three credit bureaus which stores information about consumers and their credit history. It provides this information to creditors and to consumers. TransUnion was founded in 1968, and it now has more than 200 offices through the US and the world. How TransUnion is Different TransUnion is similar to the other […]

Continue Reading »

What You Should Know about Equifax

January 5th, 2018 | Author:
h

[E]quifax is one of the three major credit reporting agencies which provides information used on your credit report. It has a credit score which will impact your ability to get approved for new credit. All of these agencies aren’t the same, so here is some information you should know about Equifax. Equifax is headquartered out […]

Continue Reading »