A recent study by the Life InsuranceMarket Research Association reported that only 44% of U.S. homes had individual insurance last year and that 30% of households did not have any coverage.
These statistics come at an era when life insurance has never been more practical. Social security, defined benefit plans, home equity, and 401 (k) match are now all in jeopardy. In these situations, it is difficult to finance college, launch a business, or deal with an unexpected health crisis. These problems cannot be solved by many of the financial solutions that were available yesterday.
Permanent life insurance policies that are regularly reviewed and updated protect more than assets. It provides stability and allows you to take advantage of many of the opportunities in life.
These are common myths to avoid if you are considering buying life insurance, or increasing your coverage.
Life insurance does not provide a death benefit. Permanent life insurance provides cash value accumulation in addition to the death benefit. This money can be used for any life expenses that you or your family may need, as well as small business expenses.
Buying term insurance that has a minimal death benefit is a good idea. Then, invest the remaining money in other investments. Although death protection is important for many, permanent life insurance can provide cash accumulation and protection that will meet your needs as they change throughout your lifetime.
If you have children, life insurance does not matter. Apart from protecting your children, life insurance can also fulfill other needs. You can use the cash value of a policy to grow your business or help fund your favorite charity.
A monthly bill is life insurance. A permanent policy of life insurance is a way to invest in your future. Permanent policies are like paying yourself. The policy accumulates cash value that can be used whenever and wherever needed.
Please visit this website to find out more about life insurance and the possibilities it may offer. www.pennmutual.com.
