Advantage of life insurance is financial protection for your loved ones if you pass away. The biggest disadvantage of life insurance is the cost, which is more affordable than you might think
The main advantage of owning a life insurance policy: If you die, your beneficiaries receive a payout called a death benefit that replaces any income you provided while you were alive. The biggest disadvantage: You have to pay monthly or annual premiums for this benefit.
Advantages of buying life insurance :
1. Financial protection for your family:
When you buy a life insurance policy, a robust policy won’t just cover the basics it’ll cover your dependents’ future and standard of living, too. Life insurance is the exchange of a relatively small payment each month a premium for a very large amount of money if you die a death benefit. A high enough death benefit can cover future living expenses, such as a mortgage and your kids’ college tuition. It can also provide a financial cushion for unforeseen expenses.
2. Life insurance is cheap enough to fit most budgets:
Term life insurance expires by the time you have fewer expenses. If you buy life insurance coverage early enough, you could save hundreds or thousands of dollars each year compared to buying coverage later in life.Use our life insurance calculator to get a tailored recommendation for how much coverage you need.
3. Peace of mind:
If you don’t die while your life insurance policy is active, it may seem like all those premium payments were for nothing. But they weren’t for nothing — you were paying for protection if you did die, which can happen unexpectedly. You’re paying for the peace of mind that comes from financially protecting your family and you can’t put a price on that.
4. It’s easier than ever to apply for life insurance:
Policygenius makes it easy to compare life insurance prices online. In just about 10 minutes, you can get free quotes from many different life insurance companies, and choose the one that fits your needs from there.
5. Life insurance completes your financial plan:
A lot of people save for their retirement by buying an asset they can sell for a profit later; investing in an individual retirement account or a 401(k) plan; or socking some money away in an interest-bearing savings account. You want to protect yourself financially as you age, and the best way to do that is to start saving yesterday.
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