Why Should I Have Life Insurance?

Life insurance is a necessity in American life, but some people feel they cannot justify the expense. Consequently, how can you get the coverage you need and still make something of your policy? Reaching out to an insurance agent is a good place to start, but if you need some more convincing, there are a few insights below that will help you get into a life insurance policy today.

Only 68% of American households would feel financially stable if they lost their primary earner. What would you do?

Life Insurance Has Cash Value in Many Cases

Life insurance policies can carry cash value against which you can borrow money. Not every type of life insurance works this way, but it is possible. Whole, global, and indexed universal policies tend to gain cash value. In fact, you can allow these policies to double, triple, or more in value.

Instead of just buying a policy and blindly paying a premium, you can allow your policy to grow and use that cash for your betterment in the future.

Life Insurance Protects Your Family

Irrespective of the style and value of your life insurance policy, you’re protecting your family. Think of life insurance like a simple formula that pays off debt. Purchase enough life insurance to:

• Pay off your house, or 
• Replace five years of salary, or 
• Pay off all outstanding debts, or 
• Pay off your children’s’ tuition, or
• A combination of these factors 

When your family has access to a financial product that offers them a level of financial security, you’re doing them the best service possible. Plus, they know for a fact that they have something to fall back on.

Yes, please tell your family you have life Insurance and how much it’s worth.

Life Insurance Is Tax-Free

When your family takes payment on a life insurance policy, that money comes to them tax-free. That’s the best news they can hear. They have enough problems, and they deserve to know that they get to keep the entire settlement check.

Replace Your Income With Life Insurance

As mentioned above, you can replace your income with life insurance. On the one hand, you can replace your income with money built up in a life insurance policy due to a catastrophic job loss or disability. On the other hand, your family can replace your salary several times over with a life insurance policy, allowing them to continue on as normally as possible.

Customize and Layer Life Insurance Policies

You can customize and layer your life insurance policies depending on your financial situation. Some people take out whole life with a high premium, overpay into the policy, and use the policy as a financial tool they can borrow against, etc. They also have term life policies with straight payouts, and they might even take guaranteed policies later in life to simply add to their overall value.

Speak with an insurance agent if you want to learn how to layer life insurance policies or which policy you should purchase today.

Contact DSI for More Information on Life Insurance Protection

Reach out to our team of life insurance experts at DSI to learn more about protecting yourself and your family. There are several options to choose from, and we will help you make the most of each policy. You decide how much coverage you need and how much you want to spend—we take care of the rest.