Learn why keeping your life insurance is still a worthwhile investment.
If you are over 50, your kids might be out of the house and you might have already paid off financial obligations like student loans and your mortgage. If this is true for you, then you might be questioning the value of having a life insurance policy. However, before you decide to cancel your policy, consider these reasons why life insurance is still a smart investment for you.
It Provides Comfort
Life insurance is one of the only types of policies that is more for your family than it is for you. This is why it’s important to consider your family and their needs before cancelling your life insurance policy. While you might see your premiums as an unnecessary burden, keep in mind that life insurance is meant to decrease the financial burden of your death. If you look at your life insurance as a means of comfort for your family rather than an annoying personal financial obligation, you may find that it’s a worthwhile investment.
Your Circumstances Might Change
It’s also important to have life insurance as a security measure for unexpected life changes. For instance, you might encounter a situation where you become the legal guardian to your grandchildren. In this situation, you’ll need life insurance to provide them with financial security in case you pass. Additionally, while you might be in good health now, think about what would happen if you battled a long-term illness before you died. In this case, you might leave behind medical expenses that your loved ones would have to take care of. Having life insurance would prevent you from becoming a financial burden on them.
There Are Other Ways to Save
If you are in a difficult financial situation, cancelling your policy might seem like an attractive option. However, you should keep in mind that there are ways to save while still keeping your life insurance coverage. For instance, you can speak to your insurer and ask if you can pay reduced premiums in return for reduced coverage until your financial troubles have passed. Additionally, if you and your spouse each have your own life insurance policy, switching over to a joint policy could save you some money.
Before cancelling your life insurance policy, consider these reasons why life insurance is still a good investment for you. If you have questions about life insurance, or if you are interested in getting covered today, then contact the team at Steve Wilk Insurance Agency. Our professionals are ready to get you the coverage you need. Located in Illinois, check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.