Why Do You Want to Buy Life Inurance?

 

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It’s important to understand your motivations for wanting to purchase life insurance. It’s important that your premium dollars are helping you protect what matters most.

Having life insurance there for you when you need it can be a huge blessing, especially when you are at your most vulnerable. It’s important to ask yourself why you want to get life insurance coverage. What do you want it to do?

  • Supplement our retirement income
  • Give to a worthy charity
  • Keep your business going, should you pass
  • Replace the breadwinner’s income
  • Provide a financial legacy to your heirs
  • Provide debt protection
  • Protect your assets should you need long-term care
  • Pay for your funeral and it’s associated costs

Next, you need to zero in on the main financial reason why you want to get life insurance. Financially speaking, what do you want your insurance policy to do?

  • Access cash values and a death benefit
  • Low premiums for a short period of time
  • Access to cash values, should you become terminally or chronically ill
  • Access to cash values to pay for a downpayment on a home or college tuition for your children or grandchildren
  • Provide a hedge against inflation in order to maintain your standard of living
  • Have the flexibility to increase or decrease the premium or death benefit
  • Flexible premium payments
  • Potentially double your death benefit should die accidentally 
  • Return of premiums