Most people only think about life insurance when needed, which is too late. Did you know that 1 in 3 Americans don’t have any life insurance? That’s a lot of people who are putting their families at risk if something happens to them. Life insurance is one of the most important things you can do for your family, but it’s also one of the most misunderstood. Here are 10 life insurance facts everyone should know.
The Truth Every 30-year-old Needs To Know About Life Insurance
The Facts You Need To Know
While there are a lot of different insurance products on the market, life insurance is one of the most important types of coverage you can have.
1. Life insurance protects your loved ones financially if you die.
2. If you have a spouse and/or children, you need life insurance.
3. Life insurance is not just for breadwinners. Anyone with loved ones whose death would financially impact should consider life insurance.
4. You don’t need to be wealthy to benefit from life insurance. Term life insurance policies are very affordable.
5. Life insurance can pay off debts, cover final expenses, and provide financial security for your loved ones.
6. Life insurance is not an investment. It’s a way to ensure your family is taken care of financially if you die prematurely.
7. Whole life insurance policies are more expensive than term life insurance, but they offer lifelong protection and have a cash value that you can borrow against.
8. Term life insurance is the most affordable type of coverage, and it provides temporary protection for a specific period of time, usually 10-20 years.
9. Life insurance benefits are taxable. However, if an irrevocable trust owns the policy, the death benefit will not be subject to estate taxes.
10. Life insurance is one of the most important types of coverage you can have. Make sure you are adequately protected by getting a life insurance policy that meets your needs.
Don’t be One of the 1 in 3 Without Life Insurance
Now that you know the facts about life insurance, it’s time to get life insurance. Don’t wait until you need it, because it may be too late by then. Contact Duff Agency today and let us help you find the right policy for you.
We can answer any questions and help you get started protecting your loved ones.
