You May Be Rewarded for Making Healthy Choices
If you practice healthy daily habits, a quality life insurance policy may be more affordable than you think. Often, a blood test is required in order to complete your life insurance application and assess your health, and insurers offer lower premiums for healthier applicants. These blood tests are looking for common health issues, such as high cholesterol, high blood pressure, diabetes risk, and a high BMI. Many tests can also detect the usage of nicotine products, which can drive up insurance costs. Other factors that impact premiums can include your gender, age, and even your choice of hobbies.
You Can Use Life Insurance to Pay for Other Life Expenses
When people think about life insurance, they tend to focus on the benefits offered in the event of a death. In reality, though, a life insurance policy can provide additional resources when you are alive as well. If you find yourself in need of temporary cash, you can borrow from your policy and then pay that sum back over a designated period of time. This is a low-interest option that can come in handy for medical bills and even unexpected home repairs, but keep in mind that should you pass away before it is paid back, the death benefit will be lessened and your family won’t receive as much of a payout. For those who need a more permanent financial solution, there is also the option of selling life insurance for cash. This can be especially beneficial if you purchased multiple policies, and can provide a larger sum of cash to cover expenses related to retirement or long-term care costs.
You Can Help People in Need with Your Life Insurance Policy
Not only can having life insurance benefit you and your family while you are still alive, but it can also benefit others. If you would like to help a non-profit that speaks to your passions, you can donate your policy to help support their mission. There are some tricky tax laws associated with doing this, so you should contact the non-profit before making your donation and speak to your financial advisor about your decision. If you prefer to hold onto your life insurance to help with final expenses, there is also an option of using benefits that may be left over to make a posthumous contribution to charity. You can even donate the entire sum, especially if you have additional life insurance or burial insurance to help offset funeral costs.
You Can Provide Peace of Mind for Yourself and Your Loved Ones
There are many ways to use life insurance while you are still living, but the fact remains that life insurance is a form of protection for your family should you pass away. This is why so many people choose to buy it after a major life event, such as getting married or having a child. Having life insurance ensures that your loved ones will be financially taken care of in the event of your death and that they will not be burdened by any debts left behind. Your family can use life insurance benefits to pay off medical bills, help with living expenses, and keep life comfortable during their time of grief. In addition to these expenses, life insurance can also help offset any funeral costs.
Don’t think that death benefits are the only benefits life insurance has to offer. You can use it to secure your financial future in many ways, but of course, you can use it to protect your loved ones as well. Either way, life insurance is a smart option to consider.
Blog contributor: Jim McKinley | email@example.com