Although everyone should have life insurance as it’s a necessity, the right timing for investment should be taken into consideration. Certain conditions call for immediate investment, as they are at a high-risk of unfortunate accidents.
- When one has credit card debt or mortgage, life insurance is necessary to lessen burdens for the family.
- Every adult, working member of the household should be covered by parent’s insurance. This is for coverage of accidents in the workplace as well as other risk factors such as disease.
- Those with medical conditions that could potentially be fatal.
- Those that work at high-risk jobs such as heavy labor and construction.
Types of Life Insurance
The amount that will be paid by policyholders varies according to the type of life insurance that one gets.
- Permanent life insurance is offered with savings or investment components that are tax-free and can be loaned.
- Whole life insurances are the most expensive type which offers a fixed amount for the benefactors in case of death.
- Universal types separate investment and death benefit components, both of which are customizable to cater to one’s current interests.
- Accelerated benefits could be loaned for when one is diagnosed with a life-threatening disease.
- Temporary life insurance expires after an indicated period, thus will have to be renewed or converted to permanent type.
Benefits of Having Life Insurance
Having insurance requires one to pay for a certain premium that could otherwise be used for something else. However, the benefits from these policies are crucial in future family security, making them necessary investments.
- Life insurance protects one’s savings from unnecessary expenses in the future in case of untoward accidents.
- Allows the continued protection of the family in the event of the sudden death of the policyholder.
- Gives peace of mind to the policyholder as well as allowing the investment to grow in value.
The COVID-19 pandemic has shown that being a step ahead of potential problems that could be encountered is critical. People can no longer afford not to have a strategy for any crisis that may happen anytime.
At Roper Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.