Why Get Life Insurance?
Many people think life insurance is only necessary if you are older, married, and have children.
However, there are a variety of different reasons why having life insurance makes sense. Here are a few of the top reasons to apply for cheap life insurance quotes.
- To cover your final expenses. When you die, you don't want to burden your loved ones with your final expenses in their time of grief. The average funeral now costs $6,500, and if you add flowers, burial expenses, and other costs, this number can easily exceed $10,000. Applying for cheap life insurance quotes can help you make sure your final expenses are covered.
- To build cash value on a tax-deferred basis. Life insurance isn't just a precautionary measure; it's also a way to enhance your investment portfolio. If you apply for cheap life insurance quotes on a permanent life policy, you can select a policy that will accrue cash value on a tax-deferred basis. Your beneficiaries will receive this amount in addition to a death benefit when you die.
- To supplement existing coverage. You might want to apply for cheap life insurance quotes to supplement existing coverage during a time when you have additional financial commitments. For example, if you have one or more children in college, you might take out a supplemental term policy to make sure their tuition would be covered in the event of your death.
- To preserve your family's standard of living. Your death will be hard enough on your loved ones without compounding their grief with financial woes. Applying for cheap life insurance quotes can help you ensure that your family will enjoy the same standard of living after you die that they do now.
- To help your family meet their life goals. Applying for cheap life insurance quotes can help your family meet their financial and other goals after you die. For example, would your spouse be able to retire if you died? Would your children be able to go to college? You can apply for cheap life insurance quotes to get a policy that will help your family meet their existing goals.
- To cover major life expenses. Cheap life insurance quotes on a permanent life insurance policy will allow you to build cash value over time. You can then borrow against or withdraw from this cash value to help you pay for education costs, retirement, or other major expenses. Typically, these loans and withdrawals receive favorable tax treatment, so they have an advantage over traditional loans or lines of credit.
- To provide for the well-being of a dependent. If you have an elderly parent or a child with a disability who depends on you, getting cheap life insurance quotes can help you make sure such dependents are properly cared for after you die. If you have any questions, please visit our FAQ page.