5 reasons life insurance may be one of the best gifts of all
Mention the idea of life insurance as a gift and most people will react with skepticism. It’s not as exciting as concert tickets or as cool as the latest smart phone. And for many of us, it’s downright morbid. But we buy our loved ones gifts because we want to increase their happiness and well-being. Viewed in this light, life insurance, for yourself or a family member, just might be one of the greatest gifts you can give to someone you love. Here are five reasons to consider the gift of life insurance.
- Help your family live the life you planned for them
You don’t want to think about your family living without you but if you were to die tomorrow, would they be able to stay in their home, make their car payments or pay for college? Or would the lifestyle you’ve worked so hard to provide suddenly be out of reach? In a recent study, one third of Americans said they would feel the financial impact from the loss of a primary wage earner within only one month1. Adequate life insurance can enable your family to grieve without the added stress of financial worries
- Leave a legacy for children or grandchildren
You’ve worked hard your entire life to create the lifestyle you always dreamed of but what do you want your legacy to be? Whether your desire is to protect a child or grandchild, donate to your favorite charity, or simply leave everything to your family and friends in the most tax efficient manner, life insurance can help you leave a lasting impact, long after you’re gone.
- Keep their college dreams alive
You want your children to have all the opportunities for a successful future. But the cost of college has risen dramatically over the last decade, forcing many students to incur significant debt to realize their academic dreams. For grieving families struggling with the loss of a primary income, postsecondary education can quickly become an unaffordable luxury. Life insurance can help your family cover the cost of education, even if you’re no longer here.
- It’s more affordable than you think
When asked why they don’t have life insurance, many people say that they can’t afford it. But in a recent survey, fewer than 20% of consumers were able to correctly estimate the cost of life insurance and most overestimated the cost by as much as three times2. The good news is that there are life insurance solutions for every family’s budget and even a small amount can go a long way. Click here for more information on different types of life insurance.
- Get them on the path to financial security
When you purchase life insurance as a gift for someone else, you are helping them build their financial plan and helping them along on a path of lifelong financial security. Whether your children are preparing for college or expecting their first child, a life insurance policy is a gift they will appreciate for decades to come. Some life insurance products even offer accumulating cash value that can be used for a variety of needs, such as retirement.
When you give the gift of life insurance, you’re not just buying protection; you could also be buying peace of mind. As a bonus, it’s one gift that will never go out of style. For more information on life insurance, visit Foresters.com.
12014 LIMRA Insurance Barometer Study
2LIMRA 2014 Life Insurance Awareness Month fact sheet
412763I CAN/US (09/15)