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business people standing If you're like most Americans, you believe that buying life insurance is an important part of protecting your family's financial future. But even so, many people are reluctant to take the plunge because an extra expense can be burdensome. Are you on the fence? Mulling over the decision for weeks can easily turn into months or even years, wasting precious time since premiums tend to be lower the sooner you purchase coverage. So, consider these five reasons why buying life insurance can benefit your family.
  1. You can rest at ease knowing that you have coverage, even if it won't be used for many years. It beats the alternative of not having coverage when your family needs it most. There are no second chances when it comes to life insurance.
  2. Having a savings account is great when the air conditioner breaks or you want to treat your family to a vacation, but those funds don't often stretch far enough to replace your salary after you're gone. Life insurance is designed to help your family continue to make ends meet during a difficult time.
  3. Many people think life insurance is necessary only once they have children, but in reality, it can be used to protect spouses and other family members as well. Not to mention, buying a policy now (as opposed to years in the future) may help you lock in lower rates while you're young and healthy. You can always add additional coverage as needed if you do have kids later on.
  4. If you choose to buy a permanent life insurance policy, it can be used as an investment tool even while you're alive. These policies accrue cash value, which can be borrowed or withdrawn to fund a new house, a child's college education, medical expenses or other life events.
  5. Stay-at-home spouses have "earning power" too, even if they don't bring home a paycheck. If said spouse were to die, the cooking, cleaning, childcare and other household duties would have to be otherwise funded. So, life insurance is an important consideration for all adults, not just working adults.
Want to learn more? Call First Insurance Group at (800) 511-2892 for more information on Richmond life insurance.
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