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You can’t drive it around the block. You can’t wear it for an evening out. You can’t watch anything on it. And chances are it won’t elicit squeals of delight when opened. But of the many gifts you can give, life insurance might make the biggest difference to those you love.
So, what are 10 reasons you should buy yourself a life insurance policy for Christmas or any time of year? Thrivent Financial suggests the following:
1. It’s a generous thing to do. Purchasing an insurance policy isn’t about you at all, because you won’t be around to benefit. It will, however, benefit your family, loved ones, and even organizations that are important to you.
2. Freedom from worry. Knowing that your family is prepared financially if you’re no longer around can provide an incredible sense of reassurance. It can help provide your loved ones a measure of security and stability when everything else in their life is being shaken if you’re no longer around.
3. It’s a cornerstone of a sound financial strategy. Protecting yourself against risk is an important part of any financial strategy. People often underestimate the extent to which a premature death affects a family’s income and assets. Life insurance helps protect your financial strategy.
4. It sets a good example. Being financially prepared for an unknown future can speak volumes to those around you – and as the old saying goes, actions speak louder than words.
5. It may assist with paying final expenses. It’s easy to underestimate the amount of money needed to pay for a funeral and other final expenses. A life insurance policy can help ensure those final expenses don’t burden your loved ones.
6. It may help pay off debt. Funds from a life insurance policy can alleviate debt that might be hard to pay off in the event of an unexpected death. Survivors can use those funds to cover credit cards, car loans and even mortgage payments.
7. It may help pay for college. Leaving a legacy for your children or spouse through the gift of education might be one of the more meaningful ways benefits could be used. Your gift could open doors for them to build a solid financial future for themselves through a life-long career.
8. It may help provide for retirement. Depending on the financial circumstances of your loved ones, life insurance benefits can be invested in different ways to provide for retirement.
9. Leave a legacy. Life insurance benefits can help more than family members or loved ones. You can use the benefits to donate to charities or causes you care about and leave a legacy of generosity.
10. It demonstrates you care about your loved ones. With each bill that is paid, with each gift to charities that were important to you, with each act of financial generosity, those you loved will be reminded of the care you took to help ensure they were left with a healthy financial future.
There are endless possibilities of gifts you could put under the Christmas tree this season and if someone depends on you financially, you likely need life insurance. It’s that simple and reason enough. So with the gifts all wrapped up, consider adding life insurance as one more gift that could wind up being far more meaningful. We're here for you any time of year.