The current economic climate has forced many Americans to make difficult decisions regarding their bills and expenses. Each household is experiencing a unique inflation rate based on their personal expenses. In addition to the economic turbulence, many people have experienced a shift in our mindsets and priorities since early 2020.
Economics and priorities are changing.
With questions swirling in our minds about our values and budgets, we’re all strongly considering what is most important to us. Many of us would say our highest priority is our family. According to LifeHappens.org#1, life insurance should be a priority because it “ensures your family’s financial security and peace of mind.”
Is life insurance worth it?
Your life insurance policy provides a financial safety net for your loved ones who rely on your income because they can use your life insurance death benefits towards nearly any expense. Some common examples are:
- Mortgage or rent payments
- Everyday living expenses like groceries, gasoline, utility bills, and car insurance
- Childcare or school tuition
- Paying off outstanding debt such as student loans and credit cards
- End-of-life costs like a funeral or unpaid medical bills
- Care for aging or ill parents
If you’re still questioning the cost of life insurance, consider this:
- Life insurance gets more expensive the older you are, so it’s a great idea to lock in rates early.
- If you are without certain health conditions now, it will help you secure a lower rate. If you wait, a health issue or accident could occur, making it more expensive later.
Here’s the bottom line.
At Royal Neighbors, we know your family is the most valued part of your life. Life insurance will help you protect them in the future, making your policy incredibly important, even during a time of heavy inflation.
Life Happens.SM is a nonprofit dedicated to providing unbiased information to help you make smart insurance choices to protect your loved ones. According to LifeHappens.Org, “Life insurance provides for your loved ones and empowers their dreams.” Watch this video to learn more.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any investment decision without first consulting their own financial advisor and conducting their own research and due diligence.
Sources:
#1 lifehappens.org/life-insurance-101/
Form TRN00031; Rev. 6-2022
