Last week we did a video blog on the ABCs of Life Insurance and now we’ll be elaborating on the topic some more. While life insurance may seem like one of those afterthoughts you buy once you’re married, with 2.5 kids, the white picket fence home in suburbia, and everything else you associate with adulthood, the truth is life insurance should be part of EVERYONE’s financial plan.
While for young adults life is just beginning, you never know what could happen. In a time of increasing student loans, a life insurance policy can protect your loved ones in case of an unfortunate sickness or accident. Additionally, the younger you are the easier it is to obtain a life insurance policy as your health [usually] is at its best. Finally, the premiums for millennials and Generation X are the lowest for permanent or term life insurance as a building block to financial security.
For middle-aged adults and older adults, who usually have families and bigger expenditures, life insurance is a key aspect of financial planning. Depending on your policy, you could use its cash value in case of a financial emergency while you are alive, or in case of death it is the least expensive way to replace income to the family, provide funds to pay off or make, mortgage payments, tuition for your children, credit cards and loans, and burial expenses.
Last but not least Life Insurance proceeds are received Income Tax FREE!
Got you thinking? Contact Kabco Benefits so we can give you a quote tailored to your specific needs.