Investing in life insurance can be a confusing process and tough decision for many people. According to studies, many young Americans claim to refrain from investing in insurance as they are unaware of the process and its supposed benefits.
However, according to William Schantz, investing in life insurance can benefit individuals and their families. Apart from the comfort that comes from knowing that your family will be taken care of if something happens to you, investing in life insurance can do a lot more for a person.
Continue reading below to learn about the top four reasons you need to consider investing in life insurance now.
Top Four Important Reasons You Need Life Insurance as Per Schantz
Living in the United States of America can be challenging for someone who does not make sufficient annual income. However, timely investment in life insurance can greatly help with taking care of many financial responsibilities. The top four reasons why investing in life insurance is a great idea are as follows:
1. To Leave Behind an Inheritance
Not everyone will have assets to leave behind for their children; however, that does not mean that such people have no other ways to offer some form of financial security to their families.
According to Schantz, investing in life insurance is one of the best ways to create an inheritance from scratch to leave behind for your loved ones. Some of the potential benefits that could come from leaving behind an inheritance are as follows:
- Your children would not have to worry about their college funds.
- Your children or partner would get a chance to kick start a business and become financially stable.
- Your loved ones could invest the money from your life insurance policy to create a continuous stream of earnings.
2. To Offer Protection to Your Loved Ones
Being the primary breadwinner of the family means that other people from your household are dependent on you for their financial needs. If anything happens to you, your loved ones could suffer from a serious financial crisis. However, according to William Schantz, you can avoid this if you invest in a life insurance policy during your lifetime.
After your demise, the amount that your loved ones would receive your life insurance would help them regain some financial stability and would allow them a chance to set up a business or make a profitable investment.
3. For Greater Financial Security
Every parent or guardian wants to make sure that their children will be taken well care of once they leave the world. While some parents have houses or investment funds to leave behind for their children, many parents’ only option at offering their children some form of financial security is by investing in life insurance during their lifetime.
4. To Pay Off Financial Expenses and Debts
It is extremely common in the USA for people to have student loans, mortgages, and other financial expenses that they need to pay off. If the original issuer of the debt or mortgage is to pass away, the family would have to shoulder an extreme financial burden and would thus struggle with paying off the debts.
According to Schantz, one of the best ways to ensure that your family does not have to deal with having to shoulder the financial burden of your expenses, one should always invest in a life insurance plan that would help the family pay off all debts.
William Schantz’s Final Thoughts
Apart from providing your family with some financial security after your demise, investing in a life insurance plan during your lifetime would also offer you and your loved ones great peace of mind. For more information, check out William Schantz’s website.