Benefits of Life Insurance

Benefits of Life Insurance

Why it’s worth it to have life insurance coverage.

While most adults accept that life insurance is a necessary expense, there are still some who believe this coverage isn’t worth it.  To illustrate the importance of having a comprehensive life insurance policy, here are some of the benefits of having this coverage.

  • It’s Part of a Strong Financial Plan

In a recent study, it was revealed that four in 10 households without life insurance coverage would experience immediate trouble paying for living expenses if the primary breadwinner were to pass away.  If you do not want your loved ones to suffer as part of this statistic, it’s important that you secure adequate life insurance coverage.  By securing a policy, you can continue supporting your loved ones and ensure that they can maintain a sense of financial stability in the wake of your death.

  • It’s Cheaper Than You Think

According to recent surveys, the average American believe that life insurance is three times more expensive than it is in actuality.  Oftentimes, concerns about the cost of coverage are what prevent people from securing a policy.  However, if you secure a policy while you are relatively young and healthy, you can actually lock in rates that add up to less than $20 a month.  So, if you have procrastinated on getting life insurance because you were worried about the cost, then get a quote today.  You might find that life insurance fits into your budget much better than you anticipated.

  • It Can Build Value Over Time

Permanent life insurance policies have a special cash value component.  As you continue to pay premiums on these policies, they accumulate a dollar value that you can then borrow against.  The cash value component of your life insurance can be used as an easy way to secure quick money to cover things like a down payment on a home, college tuition, or emergency situations.  Unlike traditional loans, when you borrow against your life insurance policy, you can access lower interest rates and do not need to go through the lengthy loan application and credit check processes.

These are some of the reasons why having life insurance is good for you.  Are you looking for help with your life insurance coverage?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.