Life insurance is important. It provides financial support and protection to your family in case of your death by providing them tax-free payout.
This money can be a replacement for the lost income that can be used to cover your family’s daily expenses, mortgage payments, and a tuition fee for your child’s college. Not just that, life insurance also follows you after you retire when you’re no longer protected by your company or employer’s insurance.
Unfortunately, many people avoid life insurance due to the lack of knowledge and misconception about life insurance. They think life insurance is expensive, out of their budget, and require a long duration and medical examination. However, the truth is that you can easily get life insurance with no medical exam no waiting time, and start immediately.
We interviewed Laura Adams, Insurance & Finance Analyst at QuickQuote, to learn how to find life insurance policies with no waiting period. Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. She shared with us why you should consider a guaranteed acceptance policy, if you want a policy that you can use immediately.
To increase your knowledge and help you make the right decision, we’ve listed down some of the top benefits of life insurance.
1: Burial Expense Coverage
Life Insurance policies help you to cover final or burial expenses after your death. Depending on the policy terms and your specific plan, this may include funeral or cremation costs as well as unpaid bills or obligations not covered by any benefit of your health insurance.
This can significantly reduce the burden from your loved ones as an average funeral costs around $7000-$12000, including all the expenses related to the casket, burial preparation, service charges, transportation, and some other expenses.
2: Tax-Free Money For Family
The payout of life insurance policy is tax-free. That means if you’ve got a life insurance policy, the death benefits that your family would receive would be completely tax-free. It’s better than other funds from your inheritance that get taxed and take a long time to process.
3: Support For Family
Life insurance provides great peace of mind during your life that you won’t have to worry about what will happen to your family if you suddenly pass away. The tax-free death benefits would be enough to support your family for a while until they could manage something.
4: Chronic and Terminal Illness Coverage
A life insurance policy is more than just protection; it’s an investment that allows you to make your own choices. One choice you may want to consider is an endorsement, also known as a rider. An accelerated benefits rider lets you enhance or adjust coverage in any way that best meets your needs.
For example, Suppose you’re diagnosed with an illness and were expected to live less than a certain number of years. In that case, you could access some or all of your death benefits while still living to pay for care under accelerated benefits.
5: Pay Off Debts
Life insurance benefits can help replace the income that your family might need to live through if you pass away unexpectedly. This means they can use the money to help cover essential expenses, such as paying a mortgage or college tuition for your children. It can also be used to pay off debt, such as credit card bills and other expenses on outstanding car loans.
Takeaway:
Life insurance doesn’t necessarily have to be something only wealthy people think about. No matter what you earn, life insurance can make sure that your income is passed on to your loved ones if you were to pass away unexpectedly. Even if you think you can’t afford it right now, many online insurance providers on QuickQuote offer affordable options without the need for physical assessment and waiting periods. So, without waiting any further, check out that site to pick the best and most affordable life insurance plan for securing the future of your loved ones.