Call Us (805) 238-1818 ☰ ˟
Logo
Call Us Today (805) 238-1818
  • Home
  • Coverage
    • Auto
    • Business
    • Earthquake
    • Farm
    • Home
    • Life
  • Get A Quote
    • Automobile
    • Business
    • Earthquake
    • Farm
    • Homeowners
    • Life
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Ted Hamm Insurance
    • Our Employees
    • Our Office
    • Our Reviews
    • Privacy Policy
  • Contact
Home > Blog > The Advantages of Having Life Insurance
THURSDAY, DECEMBER 10, 2020

The Advantages of Having Life Insurance

Young couple sit at their dining room table eating and reviewing something on a tablet together

Life insurance is a benefit that no family that is concerned for its financial security should do without. It pays a death benefit to your loved ones if you die. However, it can play a role in your financial security in the present day, too. What’s important to you is to choose the best policy for your needs. Consider the advantages of just how helpful this coverage can be for you both now and in the future.

Benefit 1: Life Insurance Pays Your Final Expenses

Life insurance insures someone’s life, and it will usually pay its greatest benefit after the insured person’s death. After all, if you die, then your family might need help paying for funeral costs, legal assistance in settling your estate and other final expenses. In the long run, they can also use a life insurance settlement to cover expenses that your income helped them meet when you were alive.

Benefit 2: You Can Use Life Insurance While You Are Still Alive

If you buy a whole life insurance policy, then your plan will remain active as long as you continue to pay for it. Even if you die fifty years from now, a whole life policy can be there to help.

However, these plans also can provide returns during your lifetime. For example, many whole life plans offer cash value options. With this benefit, a portion of your premium acts as an investment and accumulates value in an account over time. You can draw on this account as a source of income.

Benefit 3: You Provide Loved Ones with Support

No matter how hard you work to save money, you still might want to give your family as much security as possible after your death. Life insurance allows you to create this financial legacy. For example, you might buy a policy specifically for a child or grandchild’s future education needs. Therefore, they’ll receive this money even if you can no longer provide it.

Benefit 4: You Might be able to Borrow Against the Plan

Besides cash value benefits, some whole life plans also offer you a chance to borrow against your policy’s death benefit while you are still alive. However, your insurer will consider this a loan and you will have to repay this money, usually with interest attached. Still, it is a solution that could help you receive financial assistance while you are in a pinch.

Life insurance is certainly something that everyone should consider buying because of how much help it might provide both you and your loved ones. Still, it is important to compare your options. That’s why one of our dedicated insurance agents will work with you to consider the advantages of all shapes and sizes of plans. That way, you’ll land on the one that is best for you.

Get A Quote

Posted 10:30 AM

Tags: life insurance, life insurance benefits
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020

  • business insurance(3)
  • commercial insurance(3)
  • home insurance(2)
  • in-home business insurance(1)
  • life insurance benefits(1)
  • business interruption insurance(1)
  • homeowners insurance(1)
  • life insurance(1)
  • insurance questions(1)
  • home security(1)

View Mobile Version
TedHamm Insurance

1503 Park St.
Paso Robles, CA 93446
Ph: (805) 238-1818
Fx: (805) 238-5234

Facebook Icon Google Icon
© Copyright 2021. All rights reserved | Powered by Insurance Website Builder