There are many reasons why people put off getting life insurance. Many, for example, don’t like thinking about what would happen after they pass away. Others might believe they won’t be able to afford it. But whatever the case, it’s best not to put this coverage on the back burner. If you don’t have this protection, here are a few specific reasons why life insurance is worth figuring out as soon as possible.

5 Ways It Pays to Be Proactive About Life Insurance   

1. Fills the Gap of Lost Income

When you enroll in a life insurance plan, you’ll decide on your specific death benefit terms—or the amount of money your loved ones would receive upon your passing. This non-taxable sum can be used to make up for your lost income so your family can continue living within their means. For example, they may use the funds to cover funeral expenses, continue paying a mortgage, or provide a child’s college tuition.

2. Secures Low Rates

The premium you pay to keep your life insurance policy current is based on many factors—especially your age and overall health. If you sign up when you’re younger and in good health, you can secure a low rate that will stay with you throughout the term of the policy. If you wait, you may end up paying more than you want to gain the necessary coverage.  

3. Supplements Employer-Provided Coverage

Many people avoid getting life insurance because they already have coverage through their employers. But in most cases, employer-provided coverage only offers a small death benefit that will not go a long way in helping your surviving family. Getting your own policy allows you to secure as much coverage as you think you’ll need.

4. Protects Family From Inheriting Debts

If you pass away, certain debts may not be excused—such as student loans. Instead, creditors will likely go after your estate to cover the remaining balance, which may, in turn, diminish your loved ones’ inheritances. Fortunately, life insurance payouts can be used to cover these debts, protect your estate, and prevent creditors from harassing family members.

5. Can Build Value  

Term life insurance policies eventually expire after a certain predetermined period. Whole life plans, however, are valid indefinitely. In addition to providing permanent death benefits, these policies also build cash value after a certain point. Later in life, you could borrow against these funds to cover emergency expenses or supplement your retirement.

If you’re ready to reap the many benefits that life insurance has to offer, turn to the trusted team at Daniel Oliver Insurance Agency. Representing Farmers Insurance®, these professionals will introduce you to a variety of plan options that are designed to fit your current and future needs. Through personalized assistance, they will also develop solutions that suit your budget and potential financial risks. Visit this agency online to learn more about the products they provide—including homeowners and auto insurance. For a custom life insurance quote, call (952) 925-4454.