How Does Life Insurance Benefit the Insured?
Posted January 13, 2021 in Life Insurance
3 Minute Read:
Many people believe that life insurance is unnecessary since the one insured is no longer living and, therefore, cannot benefit from the insurance policy. However, there are many ways life insurance helps the insured, not just the beneficiaries.
Keep reading to find out what you have to gain by purchasing life insurance.
What Are the Benefits of Life Insurance?
Besides securing the financial future of your survivors or creating an inheritance for your heirs, there are numerous ways you can benefit from life insurance, including the following:
- Peace of mind. When you know your loved ones are protected, a big weight is lifted from your shoulders. Life insurance can provide financial security and stability for your spouse and children should you die unexpectedly. This comfort can help eliminate many fears and stresses about the future of your loved ones.
- Fund your final arrangements. If you have specific wishes for your funeral or final arrangements, the right life insurance policy can ensure that you have the resources to fund your preferences without burdening your family. Final arrangements are not cheap, and this type of insurance can prove to be a significant help.
- Make sure your kids (or grandkids) get a college education. College expenses rise every year. Many students have to take out student loans that cripple them financially for years or decades. If you have young children or grandchildren, now is the time to consider life insurance to cover their education if you were to pass away before they go to college.
- Charitable contributions. A life insurance policy is a great way to make a final donation to a charity you believe in. You can use your policy to set up a scholarship or make a direct contribution to your favorite philanthropy.
- Create savings. You can benefit from your life insurance policy by choosing one that creates cash value over time. This is separate from a death benefit paid out upon your death. A life insurance policy with a savings option creates a fund that the owner can withdraw or borrow from while they are still alive. Interest on life insurance savings policies is tax-deferred. Interest on your life insurance savings is tax-exempt when paid as part of the death claim.
Where Can You Get Life Insurance in Corona, CA?
Use your life insurance policy to create value while you are still alive. Life insurance policies can protect your loved ones, create savings, and even save you money on your taxes. Gallant Risk & Insurance Services, Inc., can help you understand the pros and cons of various insurance policies to help you choose the one that meets your needs and budget.