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Understanding the purpose of a life insurance policy

On Behalf of | Sep 19, 2017 | Trusts |

For busy Massachusetts families, often the last thing on their mind is the importance of having a life insurance policy in place. However, this optional investment can make a significant difference in the financial and emotional stability and health of dependents and other family members when a policy is obtained and secured. 

According to the Huffington Post, there are some important facts that individuals should be aware of when investigating the possibility of buying life insurance. These include the following:

  • Obtaining a policy takes time: Unlike other types of insurance that are relatively easy to buy in today’s modern world, life insurance takes considerable time and thought. Often, providers require people to work directly with an agent for things like rates and quotes instead of providing them online. Interested buyers may also be required to complete a thorough medical examination.
  • Being proactive pays off: The earlier a person decides to invest in a term life insurance policy, the cheaper it will be. As a person’s health declines, life circumstances change, dependents are added and aging occurs, policy holders may be required to pay substantially more.
  • Life insurance is valuable: Life insurance is not an investment that people immediately begin to see the benefit of. However, in the future it can be used for many reasons including funeral arrangements, paying off debt, replacing income, providing an inheritance and even paying for the college tuition of dependents.

Life insurance is even more critical for people who have dependents to care for. In fact, The New York Times reminds people with dependents that foregoing a life insurance policy can be a costly mistake in the long term.