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Top 5 Reasons You Should Invest In Life Insurance

By Compuquotes Team on March 26th, 2008

How often have you thought "that won't happen to me?" And yet, how often has something happened when you were sure that you would not be a victim of that particular fate?

Life is full of uncertainties. The unexpected happens all the time. Because of this, life insurance is something that everyone should consider taking out. Below are the top five reasons that you should invest in life insurance:

1.In the event of your death, and sometimes disabilitating illnesses or conditions, your family will be covered. If you death would result in financial difficulties for loved ones, then it makes sense to have life insurance. As awful as the thought may be, dealing with your death will be difficult enough, without having to do death with financial troubles as well. Life insurance provides financial security for the loved ones that you leave behind.

2.The younger you are when you take out life insurance, the lower your premium will be. You're ensuring that your loved ones will benefit in the future, but are paying a lower cost for that peace of mind. You also are able to shop around for the best insurer when you take out a policy at a relative young age. Many insurers have exclusionary terms, which make it more difficult to take out, or more expensive, to take out as you age.

3.By taking out life insurance when you're younger, as opposed to when you're older, you're likely to be in better physical condition. This impacts on the price of the premium, and even if you can take out life insurance at all. A healthy, young, fit person is going to have a much lower premium than someone who is older, and not in peak physical condition.

4.You're covered in the future, even if you develop an illness in later years that would exclude you from taking out the life insurance policy at that point. No one can predict exactly what will happen to them as they age. It's certainly better to be covered prior to a major illness or condition presenting itself.

5.There are often tax benefits associated with life insurance payments. This means that you are obtaining two benefits from the one action - payments can either be tax free, or result in a tax deduction, and you ensure that your family is covered in the event of your death.

Of course, no one plans to die and leave their family in financial difficulty. But no one can predict exactly what the future will hold. A general rule is that if you are earning an income, once you have children you should take out a life insurance policy. This helps to protect their future in the event of your death.

It might not be a great substitute for having you in their life, but it does help to ensure that on top of the grief of dealing with your death, your family doesn't also have to worry about where the next payment for shelter, food and basic necessities, is coming from.

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