4 reasons life insurance is worth it

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Life insurance can be valuable for a variety of reasons.

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Taking out a life insurance policy can be a great gift to your family, such as if you want to leave them with money after you’re gone. Some life insurance types can also provide benefits like building a cash value that you can use during your lifetime.

Depending on your financial goals and risk tolerance, there can be many reasons to buy life insurance. Deciding whether life insurance is worth it can vary from person to person. Accordingly, it helps to understand some of the top reasons supporting purchasing a policy.

If you’re in the market for life insurance then start by getting a free online price quote now so you know exactly what to expect.

4 reasons life insurance is worth it

1. It can provide financial security for loved ones in the event of an early death

While we all pass away eventually, life insurance might be worth it if you’re trying to financially protect against early death. If you pass away relatively young, you might not be at the point where your spouse, children or other loved ones are financially secure.

For example, you and your spouse might be saving for retirement so that you both can stop working by age 65. But if you pass away when you’re, say, 60 years old, then that could put your spouse in a position where they need to work until 70 to afford retirement, such as if they still have a mortgage to pay off.

With life insurance, however, you could leave your spouse and/or kids with a nest egg or monthly payments if you pass away early.

Term life insurance can be particularly helpful for these types of scenarios. You might want protection for 10,

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What type of life insurance do I need?

There are many kinds of life insurance to choose from so do your research to find the best one for you. / Credit: Getty Images

There are many kinds of life insurance to choose from so do your research to find the best one for you. / Credit: Getty Images

Life insurance is a smart protection to invest in. If you pass on, it provides much-needed money to your loved ones — money they can use toward your funeral, burial or any other debt you may leave behind.

Some life insurance policies also let you grow your wealth or give you access to cash if you need it.

If you’re in the market for life insurance – or want to boost the protection you already have – then reach out to a life insurance expert who can help you get started with a free quote now.

Which type of life insurance is right for your situation? Here are the four main kinds to consider.

Term life insurance

Term life insurance is a policy that only covers you for a certain number of years. If you pass away during that period, it will pay a death benefit to whomever you have named as your beneficiary. Then, they can use the money however they wish, including to settle debts, pay for funeral costs, or use them toward everyday living expenses.

Who benefits: This type of life insurance is best if you’re on a tight budget (it tends to be the most affordable type of policy) and you want coverage for a specific period of time — such as for your full mortgage term or until you retire.

For these reasons, term life insurance is one of the more popular insurance types. If you think you would benefit from this type of insurance then speak with a life insurance professional now who can help you get started.

Whole life insurance

Whole life insurance is

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