Millennials are known to have a side gig or side jobs, with some even having more than two sources of income. This is great that they are hardworking and industrious. But, with so much time going to their work, you have to wonder how their health and savings are holding up. It may seem scary having another monthly bill to pay for but, here are some advantages to life insurance.
It Gives You Peace of Mind
Life insurance is typically for someone’s family being taken care of in the unfortunate incident of death. Having a life insurance policy helps in giving you a sense of stability for your future. We never know what will happen tomorrow but, with a life insurance policy, you at least know that your dependents will have something to fall back on.
You Can get Big Returns.
The cash value of such a policy can be seen as tax-favored accessible money if needed be. Still, the assets behind this money are generally kept in longer-term investments, thus giving you a bigger return. Also, depending on the policy you get you can make your returns bigger. You can use this for a whole bunch of things like paying a debt, paying for a house, you can even use the dividends for passive income.
Get Good Tax Benefits
To start the death benefit of life insurance is not taxable. Also, the accumulated tax on cash value as well as dividends is deferred. Plus, a possible bonus if you use policy loans, there’s a chance of not needing to pay taxes on the cash value growth. Not to mention that all policy loans are free from income tax and most cash value withdrawals remain tax-free given that it does not surpass the premiums you have paid into the policy.
Cheaper Policy Rates
If you go back in time, you will see that insurance rates are far more accessible now than they have ever been. Companies are competing with each other, and the prices now are just that; competitive. Plus, the policies are very flexible now, so you are not confined to only one structure. You can change things about your premiums and plan to fit what you need.
Those are just some of the benefits of getting a life insurance policy. There is a lot more than that of course which you can find out about from specific Insurance providers.
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.