Why is life insurance important? You can consider life insurance as the safety net of financial stability if something catastrophic happens to you. Your insurance could cover left-behind debt and unexpected expenses if you unexpectedly pass away. 

Think of it as extra cash. Immediate family members could use it for tuition, mortgage payments, and more. The truth is that everyone should have life insurance, but there are so many people still without it. According to Forbes, in the U.S. alone, 48% or less of eligible adults live without life insurance.

Young adults are more reluctant to buy life insurance, while middle-aged or older adults already have life insurance. Some might say life insurance is worth it, while others argue against it. No matter which side of the line you stand on, there are some crucial aspects to consider before making your final decision. 

In this blog, we’ll give you the top 10 reasons to buy life insurance and whether or not it is safe to purchase life insurance online.

Animation symbolizing the benefit of buying a life insurance policy online.

1. Cover Burial Situations

Per the National Funeral Directors Association, the average funeral tipped the scale at almost $8,000 in the U.S. The truth is that it won’t be coming down any time soon. 

With a life insurance plan, that cost could come down and be more reasonable for your family. Instead of pre-paying for your funeral years in advance, you could have peace of mind knowing that your plan will cover it. 

2. Replace Original or Lost Income

Many people across the world depend on one family member’s income. It is uncommon for multiple family members to bring in consistent income.

If you’re the sole income earner of the household and pass away suddenly, who is left to support your family?

Enrolling in a lifelong financial plan will provide your spouse and children with financial security to fall back on. 

3. Clear Out One’s Debt

For most people, debt is unavoidable. From purchasing a house, owning three credit cards, to having outstanding medical bills, debt follows us everywhere. 

One of the top 10 reasons to buy life insurance is to pay off debt. Debt is a dark burden in life. It most certainly could put a damper on other family members if an accident were to occur to you. 

If you want your debt diminished, consider a plan that could potentially cover all your debt.

4. Pay for Children’s Education

Many people opt for life insurance to provide their children with an education. 

Once your child has borrowed money and finished studying, the loan payback should kick in within six months of completion. The good news is that your insurance proceeds could clear out a good chunk of those loans, allowing them to focus on their career.

5. Pay for Federal or State Estate Taxes

We live in a world where taxes are inevitable, and the last thing anyone wants to do is pay taxes on something they inherited for free. 

When one passes away, their inheritors are more likely to be slapped with an estate tax bill. Life insurance would cover these expenses, allowing your family to receive your assets tax-free.

6. Donate to a Good Cause

If you are wealthy and want it to go somewhere helpful, a life insurance plan can dedicate a percentage of it to your favorite charity. 

Knowing your money went to those in need is true peace of mind.

7. Save on Taxes

Saving on taxes is one of the most beneficial reasons to buy life insurance. Your life insurance plan could bring you tax deductions when it’s time to file taxes and buy tax premiums.

You could cut your tax bill with life insurance. Who doesn’t want a break on taxes?

8. Help You Prepare for Retirement

Waiting for your social security to come in could take decades. What’s better than having a backup option for retirement?

With a life insurance package, you could put a small amount towards retirement every month. If you act early, you could have more money when it comes time to stop working and enjoy retirement

9. More Affordable Than You Think

Life insurance plans aren’t one price fits all. Most packages are customizable and adaptive to your financial needs. 

The tendency to be uninsured by a plan stems from the theory that they are overly expensive. Companies have designed different plans to meet the needs of everyone. Whether you opt for the most or least expensive option, you will still have money left in your pocket. 

On the plus side, if you are young and healthy, your plan will likely be less money as the company doesn’t see you as a risk compared to senior citizens. 

10. Gives You Peace of Mind

Unless you are some magical wizard, foreseeing the future is impossible. Accidents occur out of nowhere, and life could change in a blink of an eye. 

Strolling through life with a trustworthy insurance plan will make you feel at ease. You will live each day comfortably knowing that your immediate family has a safety cushion in case something happens to you.

Is It Safe To Buy Life Insurance Online?

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In today’s time, it is practical to buy almost everything online. Buying life insurance is no different than subscribing to your favorite streaming service. 

It is safe to purchase as long as it is a secure, reputable website like ALIAQuotes.com. There are numerous deceptive websites that prey on the consumer. But on ALIAQuotes.com, you can compare plans, find the best pricing, and start your application process on a secured DocuSign portal from the comfort of your home.

Buying life insurance online is the easiest way to save time while finding the right plan that works for you. 

In Summary – You Should Think About It

Life insurance can provide the most significant safety net possible. Whether you experience an unexpected loss or significant financial upset, insurance will assist you or your loved ones during difficult times.

Ultimately, it’s a personal decision to enroll in a life insurance plan. You should consider all angles and make sure the plan suits your lifestyle. 

We hope that you find our top 10 reasons to buy life insurance insightful. Are you ready to become insured? Please visit us at ALIAQuotes.com for a free life insurance quote or schedule a consultation HERE to speak to one of our licensed Life Insurance experts.

Also Read: What Is a Tertiary Beneficiary?

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