When it comes to life insurance, most people know little. Did you know that you can use it while you’re alive, it avoids probate, it can generate a stream of income that you can’t outlive, it can provide income for college, and it can have living benefits attached?
Life insurance should be one of the first tools purchased to provide peace of mind and protection. The older you are the more expensive it can become so it behooves you to make that purchase the younger you are. Remember, when your child is 15 days old you can get him/her life insurance!
If something happens to you and you walk out of life, is your family prepared? Or, if there’s an illness or terminal illness, do you have an income to pay rent and put food on the kitchen table? Life insurance protects your life while you’re alive and it protects your family’s lives.
If you’re an entrepreneur your retirement and protection falls on yourself. Life insurance can play as a retirement vehicle for yourself and your employees, which gives them added benefits to continue working with you long term. It can also protect your business like with “key-person insurance” or “executive bonus.”
Have a 30-year term? If something happens during the life of the mortgage, will the mortgage be paid off or will the bank repossess it? Without life insurance, the bank is the owner and if anything happens and you can’t pay your mortgage, the bank is within its rights to take back the home. But, if you have life insurance and you have the kind with living benefits, you can use it while you’re alive in case of an illness and if you walk out of life, your family can use the income to pay off the mortgage.
Is your home, family, and business fully protected?