Life insurance is one of those things that you don’t really think about until you need it. It’s there to protect you and your family financially in the event of your death. But can you actually live without life insurance? The answer is, as always, it depends. If you have no dependents and no debt, you may get by without life insurance. But life insurance is a must if you have a family or other dependents who rely on your income.
There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance is the most affordable type of life insurance, and it provides coverage for a set period of time, typically 10-20 years. Whole life insurance is more expensive, but it provides coverage for your entire life. Want to know more? Click here!
PROS OF A LIFE INSURANCE POLICY
– Your life insurance plan provides financial protection for your family in the event of your death, meaning that if you were the only financial support your family had, they are not going to be left alone. And even if you weren’t the only support, now your family will still have your income even if you’re no longer with them.
– Your life insurance policy can also be used to pay off debts, such as a mortgage or any type of loan that you had used to have and weren’t able to pay off.
– It can be used to cover funeral expenses and other end-of-life expenses that in any other case would end up being your family’s responsibility, and that can turn into a headache.
– And life insurance can also be used as an investment tool. Whole life insurance policies, in particular, build cash value over time that you can access through loans or withdrawals.
-Now, one of the most important aspects of having a life insurance enrollment is that through it you can access some of its benefits while you’re still alive. This is called Accelerated Benefits Riders.
If you’re interested in learning more about life insurance plans offered by Blue Ocean, check this out!
Accelerated Benefit Riders
What is it?
It is a life insurance rider that allows policyholders to access a portion of their life insurance benefits while they are still alive, typically in the event of a terminal illness or chronic illness.
Why is this important?
This is important because it provides policyholders with much-needed financial assistance while they are alive, instead of waiting until the event of death to receive the life insurance payout.
How does this work?
The way it works is that the life insurance company will make payments to the policyholder, typically in the form of a lump sum, which can be used to cover medical expenses or any other type of financial need. This can be a huge help to you and your family, meaning that you will not only help them (financially) when you’re gone, but you can also receive a portion of these benefits while still alive and choose how to spend it or what to invest it in.
So, can you live without life insurance? It depends on your individual circumstances. If you have a family or other dependents who rely on your income, then life insurance is a must. Blue Ocean offers affordable life insurance policies that give you peace of mind knowing that your loved ones are taken care of financially if something happens to you. Get a quote today and see how affordable life insurance can be.
