Benefits of Life Insurance

By:  Financially Mindful

Most people think that the primary reason for life insurance is the death benefit that it provides.  A death benefit is important as it includes coverage for burial and final expenses.  But can life insurance provide other benefits?

A life insurance policy fits easily into the financial structure building process by providing not only death benefit protection for the family but also accumulated cash value that can help to meet multiple financial needs during the living years.  Life insurance policies have the option to meet a number of financial needs including but not limited to:

• saving for a down payment on a house
• saving for emergency funds
• funding college education
• providing supplemental retirement income

Unfortunately, life insurance is not a favorite topic to discuss in most households. Although life insurance is a must, there are still families that do not have this included in their financial structure.  The reasons life insurance are not included may be due to the following:

• families lack the knowledge regarding the importance of life insurance
• families may have some life insurance but do not have a sufficient amount of coverage
• families do not know where to go to purchase life insurance
• families do not know what type of coverage to purchase
• families believe they are unable to afford the coverage

Whatever the reason may be, it is important to consult with a representative at Financially Mindful to help determine what is best for you and your family.