4 reasons to get life insurance right now
Whether you're a husband or wife, father or mother, or daughter or son, there's not much you wouldn't do to protect and support your family. Making sure your loved ones are safe and secure is always at the top of your mind.
But security isn't just alarm systems and medical support - it's also financial. And yet, many Americans still don't have life insurance.
"In January 2021, just 52% of consumers reported owning life insurance (e.g., individual, employer-sponsored, etc.), which is down from 63% in 2011," a LIMRA study noted. Overall, there were more than 100 million uninsured or underinsured Americans, according to the study.
If you currently do not have a life insurance policy and want to get protected then start by getting a free price quote so you know exactly what to expect.
4 reasons to get life insurance right now
Here are four important reasons to get life insurance right now.
- Retirement savings can change
- It will only get more expensive
- You have debt
- It will provide a cash resource
Retirement savings can change
Stock market volatility has been significant this year. The market has been up and down and traditional retirement savings accounts like 401(k)s have suffered.
Working Americans should have retirement savings stored away for when they stop working. But it shouldn't be relied on as the sole source of financial support in the event of their death. This is why it's important to have life insurance coverage, too.
With life insurance, whether it's whole, term or some other type, you know exactly what will be left for your beneficiaries after you die. The economy could be roaring or it could be in a slump but you can have peace of mind knowing that your loved ones are protected. Your payout won't change regardless of the economic circumstances.
You can get a free price estimate online now.
It will only get more expensive
Life insurance favors the healthy. Since younger people are generally healthier than older ones they're less expensive to insure. Those savings trickle down to your life insurance rates.
This is why it's so important to act now. Whether you need to start from scratch or want to boost what you already have, there's no better time than the present to purchase life insurance. The older you are the more expensive coverage will become. And if you wait, you'll risk the possibility that an insurer will turn you down for coverage altogether - or severely limit what they provide.
So for cheaper, more comprehensive coverage, it pays to start early.
You have debt
If you are free of any debt and won't have any in the future then you may not need life insurance.
Unfortunately, that's not the case with most people.
Do you have a mortgage? What about student loans or personal loans? Will you have to pay for college someday?
If you answered yes to one or more of those questions then you should start building a life insurance plan now. If you die before a plan is put in place many of your current debts - and plans for the future - will come up short.
You don't want to do that to your family and for an inexpensive premium each month you won't have to. Get a free price quote online now or review the list of providers below to get started with a plan.
It will provide a cash resource
Life insurance is often thought of as something you set and forget. But certain policy types actually allow you to use a portion of your plan as cash while you're still alive.
Whole life insurance is a form of permanent life insurance (as is universal and variable life). Permanent life insurance policies will allow you to access the cash portion of your account during your life. Just note that, because of the cash factor, whole life insurance policies are typically more expensive than term plans. And you won't have immediate access to cash once the policy goes live. You'll still need an adequate cash amount in the account before you can use it (and it takes time to build that up).
The bottom line
There are very few people who wouldn't benefit from having life insurance protections in place. Don't make the mistake of not having this protection. Start by getting a free price estimate now to see what you're eligible for.
