The primary reason for purchasing life insurance is for death benefit protection. It’s a great way to ensure your family has financial support when it’s most needed. The death benefit provided by a life insurance policy can help with immediate expenses such as:

  • Pay for funeral and final expense costs

  • Help pay the bills and meet ongoing living expenses

  • Pay off outstanding debt, including credit cards and the mortgage

  • Continue a family business

  • Finance future needs like your children’s education

  • Protect a spouse’s retirement plans

Life Insurance 101

It can also help to replace lost income, providing the loved ones left behind with a better chance of continuing their current lifestyle. Life insurance can also be useful as part of a diverse investment portfolio.

 

Universal and whole life products offer the opportunity to accumulate cash value, meaning a portion of the premium payment (the cash-value portion) earns interest. The gain in the cash value is tax-deferred until withdrawn. Cash values can be used to help pay for major life events, such as college tuition, down payments, starting a business, weddings, and more. Life Insurance also possesses income tax benefits and is often times used in estate planning.

86%

say they haven't bought life insurance because

it's too expensive, yet overestimate it's true cost by over 2 times.

Source: LIMRA/LIFE Foundation 2013 Study

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