Why You Should Get a Life Insurance Plan in 2023

iQuanti: As an adult, there are many types of insurance that you'll need. However, one that you may want to highly consider is life insurance protection. Let's explore why these policies may be important and how they can be used as part to help with your overall financial plan.

What is a life insurance plan?

Your life insurance plan is how you'll use life insurance to help protect the financial integrity of yourself and your family. Although the primary purpose may be to provide them with a death benefit, some policies will also include features that allow for tax-free investment growth. This can all be combined into an overall plan that may involve the strategic use of one or more different types of life insurance.

3 reasons to get life insurance protection

When thinking about your own situation, you may want to get a life insurance plan that will offer the following:

1. Financial protection

The first reason to get life insurance is that it'll help cover income replacement. In the event of an unexpected tragedy, your family would not only suffer a major emotional loss but also a financial one. There would suddenly be one less working adult in the household bringing home a paycheck to cover regular household expenses. Even if you have life insurance through your employer, it most likely will not be anywhere near this level. That's why you should consider getting a separate policy of your own and making up the difference.

2. Inheritance for your heirs

If you're at the point in your life where you're retired and no longer need income replacement, or your children have grown and are now working adults on their own, you may think that life insurance is no longer needed. However, consider the benefits it could offer to your heirs.

For example, suppose you named your grandchildren as your beneficiaries. If you were to unexpectedly pass away, you could leave them a financial windfall that could be used to help cover college expenses or help them buy their first home.

3. Tax-free growth

You don't have to pass away to fully appreciate all the benefits that a good life insurance plan can offer. By applying for permanent life policies, it may contain a savings component called cash value. This cash value can grow tax-free for years to come.

In fact, as the policyholder, you'll have the ability to borrow against this cash value tax-free. Some people choose to use it to help buy other income-producing assets, such as rental properties, or to start a new business. You also have the option to use this cash value to help pay for the policy premiums. This may help turn your life insurance into a self-sustaining benefit.

The bottom line

A good life insurance plan can help provide financial protection for your loved ones and heirs if you were no longer around. However, it can be much more than this if you opt for a permanent life plan that also has a cash value component. Consider applying for a life insurance policy to help protect what you love.

Coverage is underwritten by Aflac

In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052, ICC1368053, ICC1368054, ICC1368055. This is a brief product overview only. Coverage may not be available in all states, including New York. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.

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Source: iQuanti