Life Insurance: What’s It For?
Why should I buy life insurance?
There are many reasons people choose to buy life insurance, and while the need for life insurance doesn’t exist for everyone, many individuals and families decide it’s well worth the cost. Here are some of the most common reasons people get life insurance:
Replace lost income
Many families today depend on dual incomes to afford their standard of living. In order to protect that standard of living, many choose to insure all or a portion of their future income with life insurance.
Pay final expenses
Funeral, probate, uncovered medical expenses, and estate administration costs can add up quickly. The average funeral cost alone is between $7,000 and $10,000 today.
Pay off debt
Whether it’s student debt, a mortgage, or personal loans, most American families have some kind of debt. Many people utilize life insurance to ensure that debt burden doesn’t get transferred to their loved ones should they die prematurely.
Leave a legacy
Some folks want to make a positive impact on the world and choose life insurance as a means to accomplish it. Charitable organizations can often be named as the beneficiary on life insurance, so upon death, the life insurance proceeds are donated.
Is life insurance expensive?
Life insurance costs can vary greatly depending on the type of policy and the health of the insured. A healthy person in their 20’s or 30’s can get a term life policy for as little as $10 per month.
Do you have to take a medical exam?
Most life insurance policies require you to take a medical exam to verify your health condition but there are some options available that do not require an exam. EMC Life, for example, offers a limited underwriting term policy (see quick quote button below).
Have questions?
Contact us with any questions or for more info. At Atlas Insurance Brokers, LLC we compare coverage and quotes from dozens of top life insurance companies, saving you time & money.
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Disclaimer: The above are merely suggestions and tips, and are not meant to guarantee individual results. Any changes to insurance should be discussed with a licensed professional.
