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Is Life Insurance Worth It?

A life insurance policy is designed to help protect your family financially in the event you unexpectedly pass away. It can help ease their money-related stress and help them move forward with their lives.

There are many types of policies that come with their own enhanced benefits. Let’s dive deeper into life insurance and how it works so you can decide if getting a policy is worth it for your unique situation.

How does life insurance work?

Once you apply for a life insurance policy, you’ll make regular payments known as premiums. In exchange for your premiums, the life insurance company will agree to pay your loved ones or beneficiaries a lump sum of money known as a death benefit upon your death.1

Your loved ones can then use this money to help with a variety of expenses, like your funeral, the mortgage, debts, and college tuition. With life insurance, you’ll know your family will be better covered financially if you suddenly pass away.

Types of life insurance policies

There are many life insurance policies that may be at your disposal, including:

Term Life Insurance

With term life insurance, you can receive coverage for a set term. In many cases, this term is anywhere between 10 and 30 years. The death benefit will only be paid out if you, the policyholder, die during this term.2 Term life insurance typically comes with lower premium rates.

Whole life insurance

Whole life insurance is a policy that provides coverage for the rest of your life, rather than a set term. It usually features a death benefit and cash value component, which earns a fixed rate of return.3 You might be able to access your policy’s cash value while you’re living. Compared to term life insurance, a whole life policy is often more expensive.

Universal life insurance

A universal life policy is a flexible type of life insurance. It can allow you to decrease or increase your premium payments as your circumstances change.4 If you do lower your premiums, your beneficiaries will likely receive a lower death benefit in the event you pass away. Although Aflac does not offer this type of policy.

Final expense life insurance

Also known as burial insurance, final expense life insurance helps pay for end-of-life expenses. These may include funeral and burial costs as well as any other medical expenses your beneficiaries will need to settle after you die.5

Guaranteed issue life insurance

Guaranteed issue life insurance is a permanent policy you can take out without having to answer health questions or complete a medical exam.6 It might come in handy if you’re struggling to purchase other types of life insurance policies or have a limited budget.

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How much does life insurance cost?

The cost of life insurance varies and will depend on several factors, such as your age, gender, health status, and coverage amount. The younger and healthier you are, the better rates you’ll be able to land.

Benefits of getting life insurance

There are many benefits of investing in a life insurance policy. First and foremost, it can help your loved ones pay for funeral expenses if you unexpectedly pass away. It can help ensure your family can better maintain their standard of living in your absence. In addition, a life insurance policy might accumulate cash value, which you can take advantage of while you’re still living. Once your cash value is large enough, you may be able to withdraw from it, get a life insurance loan, or use some of it to pay premiums.

Is getting life insurance worth it?

If any of these situations apply to you, life insurance is likely a worthwhile investment:

You have dependents

Do you have a partner or children that depend on you financially? If so, life insurance can protect them if you suddenly pass away. Without a policy, your loved ones might struggle to support themselves and move on with their lives.

You have debts

If you have debts, like a mortgage, car loans, or student loans, your family will be stuck with them upon your death. A life insurance policy can help provide them with the funds they need to pay off your debts.

You want to protect what you’ve saved

Since life insurance provides your loved ones with a death benefit after you pass on, it’s a great way to preserve your financial legacy. Your beneficiaries could receive a tax benefit. You may want to talk to a tax advisor to better understand your options.

You’re a stay-at-home parent

Even if you don’t have a traditional job with a salary, getting life insurance is a good idea as it can help pay for the services you provide if you pass away. These may include cleaning, cooking, and childcare.

Get life insurance coverage from Aflac

Life insurance helps provide a financial safety net that can help give you and your family some much-needed peace of mind. If you’re looking for the right policy, Aflac offers life insurance plans such as term and whole life insurance that come with extensive coverage and other benefits. Request a quote today!

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