The Importance of Life Insurance

Life Insurance is one of the most important insurance policies a person can buy. Perhaps you have seen a commercial or been told by a loved one to buy it. So, why should you get Life Insurance? Moore Resources has outlined the top 3 reasons to purchase this important coverage below:

To Pay Bills: One of the main reasons insureds purchase life insurance is to cover expenses. According to a study released by Fidelity Life, 63% of people purchase Life Insurance to replace their income. Just imagine all of the things your income covers. If your paycheck suddenly wasn’t there, your family would need an alternate finance source to help cover all of those expenses. That’s where Life Insurance comes in. It provides that financial security blanket for your family and helps ease that stress.

For Home and Debt Costs: Life Insurance can be used to help cover mortgage costs if you pass away suddenly or unexpectedly. It helps prevent your family from having to move out or downsize of your current residence. Life Insurance can be purchased in term limits of 10 years, 20 years, and 30 years. This means that clients have the option to buy Life Insurance for the length of their mortgage and cover their loan. Other Debt can also be taken care of with a life insurance policy such as car payments, student loans, or other miscellaneous debt. 

Source of Cash: Life Insurance doesn't only have to go to your beneficiary. Life Insurance can provide financial support to you during your lifetime as well as after you pass. Whole Life Policies last until you are ninety-nine years old and build cash value over time. You can borrow against these policies tax-free or use it as collateral against a loan. These financial flexibility and option allow you to achieve financial goals both big and small. 

Overall, Life Insurance is an important coverage to have and provides financial security to your loved ones. Are you interested in learning more about Life Insurance? Call us today at 727-323-0206 and let one of our experienced agents lend you a hand!