7 Reasons Why Purchasing Life Insurance Is a Good Idea
Is life insurance right for you? According to Protective Life there are more than a few reasons why it’s a good idea to purchase life insurance.
1. To Replace Lost Income
Everyday expenses – including rent/mortgage payments, utilities, food, etc. – can add up. The fact is, 44% of households would feel adverse financial impacts within six months if a primary wage earner died.1 Life insurance can help provide needed financial assistance to your loved ones when they need it most.
2. To Pay Off Debt
Car loans, mortgages, credit card debt and business loans may become your family’s responsibility. A life insurance plan could help with any financial responsibilities that may fall to your loved ones if the unexpected happens.
3. For Your Children’s College Tuition
Looking ahead five or 10 years from now can put your long-term life insurance needs into perspective. If you have young children, you know how important planning for college is. The death benefit of a life insurance plan can help pay for their college tuition.
4. To Care for Your Parents
If your parents need long-term care and you’re not available to help, the death benefit of a life insurance plan can help assure that they are protected.
5. To Cover Burial Expenses
Even the most basic of services may cost several thousand dollars. Although it may be possible to pre-pay for funeral costs, most people aren’t thinking that far ahead. Life insurance can help with the costs associated with a funeral, burial, or cremation.
6. For Your Business
If you own a business, you know how important it is to keep the business operating. A life insurance plan can help pay business debts and maintain cash flow. It can help assure that your family, business partners, and employees have financial support if needed.
7. For Peace of Mind
There's a sense of security and freedom that comes with knowing loved ones will be protected when you're gone. Life insurance can give them the protection they need while giving you peace of mind.
1Life Happens and LIMRA, 2022 Life Insurance Barometer Study
Acceptance for coverage and pricing is subject to eligibility and underwriting criteria. Member Advantage Life (ICC16-TL21/TL-21), is a term life insurance policy issued exclusively to Costco members by Protective Life Insurance Company (PLICO), Nashville, TN. Not available in New York. Policy form numbers, product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Coverage and pricing is subject to eligibility and underwriting criteria. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. Any quote that is present is only an estimate and the actual premium and rate class will be determined after the underwriting process is completed. Costco Insurance Agency, Inc. and Costco Wholesale do not issue, underwrite insurance or pay claims under PLICO policies. Insurance is underwritten by PLICO.
Costco Insurance Agency, Inc. (CIA), a licensed insurance agent, may receive compensation from PLICO and/or its affiliates. CIA and its affiliates do not guarantee the services of any insurance company. PLICO and its affiliates are separate, independent of and distinct from CIA. CIA is not responsible for the financial condition or obligations of PLICO. The California license number for Protective is 07726. The California license number for Costco Insurance Agency is 0D08407.