Is Life Insurance Really Worth It?


Life insurance is important for people who want to provide a measure of security to their family members when they die. Many benefits accrue from a life insurance premium. The proceeds paid for the life insurance can be used to pay for one’s last rites, help pay any outstanding medical expenses and also cater for the debts that the family may owe. Many people ask if life insurance is worth it. Well, one of the reasons I believe life insurance is worth it is that there are many expenses and benefits that life insurance can provide. You can now get a life insurance quote online so that you and your family can be fully catered for in case of any eventualities.

For you to understand if life insurance is worth it, you need to know more about the benefits that come with this form of insurance. In this article, we shall discuss some of the advantages that come with life insurance.


Here are the benefits of life insurance:

1.    Payouts to your beneficiaries are tax-free

When one takes life insurance and dies when the coverage is in effect, then their beneficiaries will get their benefits tax-free. This is because the payout is not taxed since it is not considered an income. The beneficiaries of such a payout will not have to account for it when they are filing their tax returns.

2.    Your dependents are catered for

The purpose of life insurance is to cater for loved ones and other expenses when one passes on. The amounts paid out to your loved ones depend on the amounts one pays in premiums. Most experts recommend that one should have life insurance that is up to ten times their annual income. This means that when the payouts are given to your dependents then the amounts will be enough to cover most of their needs such as college education.

3.    It covers final expenses

This is yet another advantage of taking life insurance coverage. If one passes on, their dependents will not have to be overburdened with the final expenses. It can be a substantial burden for one to pay for funeral expenses. Most families may even find it difficult to pay for even little emergency needs. The fact that burial and funeral expenses are expensive means that life insurance coverage is the way to go.

4.    Get cover for terminal and chronic illnesses

Many Life-insurance companies offer what is known as riders. This means one can add to their policy or enhance the cover so they are covered for chronic or terminal illnesses as well. There is also an accelerated rider benefit where one can access all or some of the death benefits in certain circumstances. In some of the policies, one can access their death benefits if they are expected to live for a short time. All these are benefits that accrue when one takes life insurance coverage.

In conclusion, we can say that life insurance cover is a good idea. One should always consider their dependents and take this kind of insurance cover for the future of their loved ones.

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