When we discuss life insurance, you should keep in mind that by investing in it, you are not only taking care of yourself, but you are also looking out for the future of the people who surround you. This is something that Samantha Chamberlain from Family First Life knows first-hand. At a young age she lost her husband and understood how important it is to be protected by life insurance, especially during this difficult situation.
At that moment, she felt the immediate financial burdens that came to blow for Samantha but she felt relief when she was informed that her husband was covered with both his military life insurance and his privately owned policy. So when we see people asking themselves, “Do I really need to invest my money in life insurance?” The short answer is yes. Life insurance goes above and beyond protecting you in different situations. When we talk about life insurance, we aren’t just talking about a plan; we are talking about the futures of you and your loved ones.
According to a survey by Facts About Life, nearly half of American adults don’t have adequate life insurance, leaving them and their next of kin unprotected. It’s important to highlight that when people think about insurance, they tend to incorrectly equate it to life protection. But it goes way deeper than that.
Today, we want to encourage you to protect your loved ones with life insurance. We are aware that not everybody takes it as seriously as they should, and it touches our hearts every time a parent, a son, or even a friend is willing to protect their loved ones with the right insurance. We have heard a lot of impactful stories of people who have changed and continued their path in life thanks to life insurance. That’s why we want to discuss the importance of life insurance, what you can accomplish, and how your future will look once you choose a plan that is a good fit for you. To decide on a plan, you need to take into consideration what you need at the moment and what your plans are for the future.
Peace of Mind with Life Insurance
People may often tell you, “If you want to protect your family, then you need to find good life insurance.” In some ways, they are right. Life insurance is all about being prepared for any kind of situation, so your family will be protected no matter what.
But as we said before, life insurance does more than that. It will bring you peace of mind while you are still here to enjoy it by taking preventative measures to ensure you and your loved ones are taken care of. According to Statista: “In 2020, unintentional injuries or accidents were the fourth leading cause of death in the United States, accounting for around six percent of all deaths. An estimated 200,955 people died from unintentional injuries in 2020. The most common types of unintentional injuries that lead to death involve poisonings, motor vehicles, and falls.”
Experts at Family First Life (FFL) share that investing in life insurance can “create financial peace of mind that spans generations.” Should the unspeakable occur, you will want to leave your loved ones with a legacy instead of debt. The National Funeral Directive Association (NFDA) notes that, the average cost of a funeral with viewing and burial is $7,848 in 2021, increased by $500 compared to five years ago. That’s why we want to remark on the importance that life insurance benefits don’t exclusively start after you die. It can help provide mental health benefits and improved quality of life while you are here to enjoy it, as well as additional benefits that can pay you directly should you ever become ill or disabled.
Life Insurance Will Help You Set Life Goals
Having clearly established goals is one of the benefits that you could get from obtaining the right life insurance. Why? Well, before choosing one, you need to sit down and figure out what your future will look like. Do you want to start a family? Are you looking to retire soon?
Depending on the answers to these questions, you can be better positioned to choose the right plan for you. A clearer example is if you are planning your retirement. Currently, you can find a life insurance plan that can help you build cash accounts or, alternatively, you can also roll some or all of your 401K into a fixed annuity to protect against market volatility. Selecting a life insurance plan is all about self-reflection and figuring out the unimaginable situations that could turn your whole life around.
In Samantha’s situation, her husband had the clarity to understand what life insurance could do for them, and thankfully chose a plan that gave her the ability to move on during this difficult situation. Losing a loved one is not easy, and you shouldn’t be faced with more problems or difficult situations while you are trying to mourn.
Life Insurance Payouts Are Tax-Free
As we come up on the end of tax season, everyone gets reminded of the joys of taxable income. Luckily, life insurance payouts serve as income that you do not have to report. According to our friends at the IRS, “Life insurance proceeds you receive as a beneficiary due to the death of the insured person aren’t includable in gross income and you don’t have to report them.” So, there’s no need to worry about those when you’re filling out those forms every year.
We hope that you will consider these benefits when deciding whether or not to invest in life insurance. Your present and future loved ones might just thank you for it.