3 Reasons Why Life Insurance is the Invisible Family Member
Life insurance is an invisible family member? Indeed. Growing up, we all had someone in the family who stood strong in the background. Perhaps it was a parent, a favorite uncle or a grandparent. Often silent but always there to pick you up when needed. Having a life insurance policy, in many ways, is the same thing. Here are 3 reasons why:
- Promotes healthy lifestyle choices. Life insurance stands by while the family can live life…safe in the knowledge that in a quiet strength-type of way, life insurance always goes with the family. Important lifestyle decisions - buying a new home, sending children to college, renovating a house, deciding what job to take – all become a bit easier knowing life insurance is part of the family. Should a loved one be lost, the family’s lifestyle doesn’t have to be lost also.
- Contributes when called upon. Life insurance contributes quickly when the family suffers the loss of an insured member. A properly filed claim form often results in life insurance claim checks being paid in days…not months. Money that can be used right away to pay bills, mortgages and college funds. You can even set up your beneficiaries with timed payments if you feel the money needs to be paid over many years as not to be spent all at once. A claim check can also be paid out in a lump sum many years later while the family receives interest payments each month until then. A good insurance advisor can inform you of these claim choices..
Cash values accumulated in a permanent life insurance policy can even provide living benefits to you. Cash while you are alive. Perhaps you need the extra money to fulfill goals later in your life, or maybe you need some extra cash to pay off a long overdue debt? The money can be there for you…it’s yours. Setting up a permanent insurance policy can be tricky, so reach out to a good insurance advisor who can illustrate various budget premiums, interest rate scenarios and policy fees to you.
- Not much care and feeding is required. It’s true that a term life insurance policy can cost less than a cup of coffee a day. Sometimes it can cost a bit more if you buy a policy later in life. Get a free life insurance quote. But a term insurance policy is indeed an invisible member of the family because it requires so little to keep going. Overtime, the lifestyle benefits of this new family member begin to dwarf the premium due.
A permanent policy can be designed so that it pays for itself in later years. The cash or dividend growth in the policy could reach a breakeven point – or even exceed - on premiums you’ve paid if structured correctly at the time of purchase. Ask an insurance advisor about policy fees, guaranteed and market rates of return. Also ask for a projection you can both follow for results each year. Once your accumulated policy cash exceeds all your paid premiums, you truly have an invisible new family member.
About the author: Brian Carroll is the CEO of Pivot Insurance and holds CLU & CPCU designations. He has been part of the life insurance industry for over 30 years. He is also an avid runner and has participated in many athletic endurance events. Brian established the anonymous life insurance quote process here at Pivot and takes pride in the caring and professional staff. You can reach Brian at 1-800-651-1953 or BCarroll@pivot.com.