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January 24, 2023

The Benefits of Investing in Life Insurance

Getting life insurance for yourself is not really about yourself. Life insurance is the cornerstone of a solid financial plan, but it’s hands down one of the most cost effective ways to protect the people who depend on you financially. 

Below we explore some of the benefits of investing in life insurance, like providing financial security for your loved ones, helping to pay off debts after you’re gone, and a cost effective way of investing early.

Family’s Financial Safety Net

When you invest in a life insurance policy, you are ensuring that, when you pass away, your family could afford to live the life they have always had. Life insurance also prevents your loved ones from worrying about how they will pay for your funeral, how they will pay for the house, or how they will afford to go to college. Having this financial safety net gives you and your loved ones peace of mind, so you don’t have to worry about what happens when you aren’t there.

Take Care of Debts

Many times, throughout life, we accumulate debt that we slowly pay off over time. However, in the event of your death, that debt doesn’t simply disappear. Usually, it passes on to whoever still acts in your absence.  Whether that is family or a business partner, it is important to protect those people from financial loss due to the carry over of your debt. There are two ways that a life insurance policy can help.

  1. Personal debt: If you suddenly pass and there are still personal debts left after you are gone, life insurance helps loved ones pay off those debts. This ensures your family will not be left with any unexpected bills and can have peace of mind knowing that, whatever happens, they will be okay.
  2. Business debt: If you own a company, investing in a term plan may be a wise option. A short-term coverage option typically has low premiums, but offers a generous pay out in case anything were to happen to you. This payout would be used to help your business partner settle accounts left in the event of your passing.

Start Investing Now

The earlier you invest in life insurance, the better deals you can get. As you grow older and your health becomes uncertain, you may not qualify for a policy. Moreover, premiums on life insurance policies may spike due to increased risk. That’s why it’s important to invest in life insurance when you are younger. That way, you can get a cost effective rate before the premiums spike, and can have more time to save money! 

How Shurr Insurance Can Help 

At Shurr Insurance, we offer a variety of insurance policies and packages that suit your financial needs. If you are interested in investing in a life insurance policy, but aren’t sure where to start, our knowledgeable agents are happy to help! Contact us and we’ll set you up with a life insurance policy that’s best for you, so you can start investing today!