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We don’t need no stinkin’ Life Insurance

11 Reasons to take out life insurance 2So why do you take out life insurance? Well, Dateline or 48 hours might lead you to believe it’s so you can benefit from the unexpected death of someone you intentionally kill specifically for their life insurance. However, that will land you in jail, and is never really a great idea. I watched a Dateline the other night that narrated the tale of a couple who took $35K policies out on multiple people, who coincidentally died the day after the policies were taken out. Can we say dumb criminals? DUMB CRIMINALS.

Rather possible reasons to take out life insurance follow:

Final Expenses or Death Benefit (medical and funeral expenses, plus debts or current bills are a deceased person’s final expenses)

Survivor protection

Estate creation and liquidity through cash value

Estate conservation (through providing money for estate taxes)

College

Cash accumulation (in the cash value)

Liquidity

To provide for retirement

Viatical settlements (which pertain to the purchase of insurance policies from terminally ill policy holders)

The loan values and retirement income from the cash value in whole life are living benefits of life insurance.  Now it may seem pessimistic to take life insurance out on a child, but you may consider doing so in order to provide for education expenses (through cash value) and to cover final expenses. If any of these reasons are relevant to you, you should certainly consider taking out a life insurance policy.

Ready to find out which company and plan is right for you? Check out our Life Insurance page for a list of recommended providers.

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