Why Should You Buy Life Insurance?
Purchasing life insurance from a CT life insurance company can be an important part of your financial portfolio. Life insurance can serve a number of important functions.
1. Pay for Your Final Expenses
Life insurance can be used to pay for funeral and burial costs. If you don’t have a life insurance policy in place, these costs, which may be higher than you think, can create an undue financial burden for your loved ones.
2. Provide or Replace Income for Your Dependents
If you have a spouse or children who depend upon your income for their living expenses, life insurance can replace this income should you die. Typically, this is a concern for parents with young children; however, it is certainly appropriate for anyone who has others depending on his or her income.
3. Provide an Inheritance for Your Heirs
Even if you have no other assets to will to your heirs in the event of your passing, life insurance provides you with a way to create an inheritance for them if you name them as your beneficiaries.
4. Create a Source of Savings
Some life insurance policies are structured in such a way that they accrue cash value. The policy holder can then borrow against or even withdraw from the policy if necessary.
When considering life insurance, you likely have many questions and concerns. Your CT life insurance agent may be able to help you navigate these.