Why Whole Life Insurance? Here is why:
Are you going through a major life change?
Are you wondering if now is the best time to review your financial situation?
Do you have reason to believe that your life change should result in the purchase of a whole life insurance policy?
You don’t need any reason to purchase life insurance. If you don’t have coverage or need more, you should feel comfortable learning more about your options and making a purchase in the near future.
However, there are times when a life change leads you to rethink your financial situation. Here are three situations that may lead you to purchase a whole life insurance policy:
1. Marriage
Are you tying the knot in the near future? Did you recently marry the love of your life?
Since you’re looking forward to the future together, you need to think about your partner’s well being should something happen to you. For many people, this means the purchase of a whole life insurance policy.
If you pass on, you don’t want to leave your spouse in a bad spot in regard to his or her finances. Instead, you want your spouse to receive a death benefit payout that can help with everything from funeral costs to living expenses.
Now that you’re married (or almost married) your whole life will change. This includes your financial strategy.
2. You Welcomed A Child Into the World
There is no greater joy than welcoming a child into the world. Of course, this can also be scary on many fronts.
Just the same as marriage, you want what’s best for your child in the future. And while you hope you’ll be around to give it to them, you never know what could happen down the road.
This is why a whole life insurance policy is so important. Once again, you can use this to guarantee a secure financial future for your child.
Tip: with whole life insurance, there will be a death benefit paid out as long as you stay current with your premium. So, even if your child is over the age of 18, you can still use whole life insurance to provide them with a financial benefit upon your death.
3. Job Loss
There is nothing worse than the thought of losing your job. Not only does this impact the amount of money you earn every month, but it could do the same to your benefits.
For example, if you received group life insurance through your employer, you may find yourself out of luck.
Sometimes you can convert a group life insurance policy into individual coverage, but this doesn’t always hold true.
In the event of a job loss, review your life insurance coverage with an eye toward purchasing an individual whole life policy. Once you have this in place, no one can take it away from you. It’s yours to keep as long as you pay the premium as expected.
4. Just Bought A Home
If you just bought your home you probably bought it with a mortgage. Most mortgages nowadays are 30-year terms. What this means that you will have a debt for the next 30 years.
Many people want to get “Mortgage Insurance”, which is a fancy name for life insurance. And there are 3 good options to use as mortgage protection:
- 30 Year Term
- Guaranteed Universal Life
- Whole Life Insurance
Why Whole Life Insurance Final Thoughts
These are just a few of the many major life changes that could lead you to purchase whole life insurance.
If you’re going through one or more of these situations (or expect to in the future), you should review your insurance coverage and think about buying a whole life policy. This could be just what you need to get the peace of mind you deserve!
