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Why Buy Life Insurance?

Life -Insurance

There are many reasons to buy life insurance.  It’s a common notion that life insurance is only for the breadwinner of the family, for those with children who cannot support themselves, or for those who would leave someone behind. Not always so.

Life insurance is not exclusively created for the breadwinner of a family. Homemakers could also avail of life insurance especially for child-caring costs, children’s tuition, and household maintenance aside from the debts. Life insurance is also for single adults. Single adults who have debts or amortization that are due for an extended period of time are excellent candidates for life insurance because those costs will be covered by the plan. Medical and funeral bills can be taken care of with life insurance. Life insurance also provides an avenue for donations to charity in the form of a last will.

Practically speaking, other priorities can seem to put life insurance at the end of our to-do list. Other immediate needs such as food, rent, and mortgage can crowd out life insurance, leaving it only a small fraction of our budget, unless it is automatically provided for by a company as benefit.  Life insurance cost will depend upon a variety of factors such as liquid assets, household income, expenses, debts, age, and health. The higher your assets and lower your debts, the lower your premium. The same goes for income and expense. If you are younger and healthier you’re premium will be lower as well. The BestTermLife calculator provides a sample estimate of how much life insurance you might need. You can also get a quote from several of the highest-rated life insurance companies depending on your preference through the website.

There is also a common misconception that life insurance is expensive. Thanks to information technology, a sample computation of a life insurance plan is just a click away! And because of the internet, you can compare and choose from the available options and insurance companies in the market. Credit rating organizations such as A.M Best can be used to check on credit worthiness and financial standing for every life insurance company.  Personal research can also be done on insurance companies so you can know who will be managing your hard-earned money.

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Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: Allianz Life Insurance Company of North America, Minneapolis, MN and Allianz Life Insurance Company of NY, New York, NY are both members of Allianz Insurance Group, Minneapolis, MN; American General Life Insurance Company, Houston, TX; The United States Life Insurance Company in the City of New York, New York, NY, member companies of American General Life Companies; Assurity Life Insurance Company, Lincoln, NE; Aviva Accordia Life is a subsidiary of Global Atlantic Financial Group, West Des Moines, IA; Aviva Life and Annuity Company of New York, Melville, NY; American National Insurance Company, Galveston, TX; AXA Equitable Life Insurance Company (New York,NY); Banner Life Insurance Company is a subsidiary of Legal & General Group, Plc, London, UK; Legal & General America, Frederick, MD; Banner Life Insurance Company, Urbana, MD; William Penn Life Insurance Company of New York, Garden City, NY; Equitable Life and Casualty Insurance Company, Salt Lake City, UT; Fidelity Life Association, A Legal Reserve Life Insurance Company, Oak Brook, IL; First Central National Life Insurance Company, New York, NY and Household Life Insurance Company, Detroit, MI, member companies of HSBC Insurance; Genworth Life and Annuity Insurance Company, Richmond, VA and Genworth Life Insurance Company of New York, New York, NY, only Genworth Life Insurance Company of New York is admitted in and conducts business in New York, member companies of Genworth Financial, Inc.; Gerber Life Insurance Company, White Plains, NY; Great West Life and Annuity Insurance Company, White Plains, NY; Integrity Life Insurance Company, Cincinnati, OH and National Integrity Life Insurance Company, Goshen, NY are both members of Western & Southern Financial Group, Cincinnati, OH; John Hancock, Boston, MA; Liberty Mutual Insurance, Boston, MA; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY and The Lincoln National Life Insurance Company, Fort Wayne, IN, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; MassMutual Life Insurance Company, Springfield, MA; First MetLife Investors Insurance Company, New York, NY, MetLife Investors USA Insurance Company, Irvine, CA and Metropolitan Life Insurance Company, New York, NY, all three members of the MetLife family; North American Company Life & Health, Chicago, IL and North American Company Life & Health of NY, Garden City, NY are both members of Sammons Financial Group, Chicago, IL; Principal Life Insurance Company, Des Moines, IA; Protective Life and Annuity, Birmingham, AL; Minnesota Life, St. Paul, MN; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; Prudential Financial, Newark, NJ; ReliaStar Life Insurance Company, Minneapolis, MN, ReliaStar Life Insurance Company of New York, Woodbury, NY and Security Life of Denver Insurance Company, Denver, CO, member of the ING VOYA family of companies; Securian Life Insurance Company, St. Paul MN; Symetra Life Insurance Company, Belluvue, WA; Transamerica Life Insurance Company, Cedar Rapids, IA; First Symetra National Life Insurance Company of New York, New York, NY; Vantis Life Insurance Company, Windsor, CT.

 

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