Why Get Any Life Insurance At All?

First of all - we’re a little hurt that you even asked this question :-)

There are a million reasons why you should get life insurance! The elders in the life insurance community always say that this is a truly noble business. Why? Because people who buy life insurance purchase it out of the love they have for another person.

Think about it. When you purchase a life insurance policy, what you’re doing is paying a small fee to cover the cost of a premature death. Typically, the policy will pay out a few hundred thousand dollars to your beneficiaries. If the benefit only pays out when you die, as is the case for many policies, that means that YOU, as the purchaser, never really get to experience the benefits of the policy! Your loved ones get the money!

So really, you buy life insurance to make sure your family is completely taken care of if you’re not around to take care of them. It’s truly altruistic.

However, the benefits don’t stop there! A few other categories in which life insurance can be really helpful is for cash accumulation and even business!

Permanent life insurance policies accomplish the same thing as your average term policy with the added benefit of allowing you to accumulate cash value! This is great for people who have always wanted to invest in life insurance but perhaps earn some money on what they’re putting in. With permanent policies, your premiums get put into an account which essentially gains “interest” as you’re paying. It’s an option that many people who want to put ALL of their money to work consider!

Businesses typically make use of life insurance policies to protect the company against the loss of a key talent or for buy-sell agreements. In many cases, the operations of a business can be completely thrown for a loop if a very important person passes away, so this money can protect not only against efficiency related revenue loss, but could also go towards finding a replacement. Buy-sells allow for a business owner to leave enough cash aside so that your beneficiary can purchase the value of your ownership interest in a business.

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