PHP Agency is a national financial services marketing company located in Texas. In the following article, PHP Agency reviews the relationship the importance of obtaining a life insurance policy to protect the future of the family left behind.
It’s something we’d rather not think about, but it’s important to consider what may happen to those we love, should the worst occur. But is life insurance really worth investing in?
The decision to take out life insurance could be one of the most important we ever make. For those who have dependents and loved ones to take care of in the event of a tragedy or sickness, it could mean the difference between leaving them protected or struggling financially.
PHP Agency Reviews Essential Protection for Loved Ones
Death is always a hugely difficult time for family, but it can be even more distressing for those that have to also have to worry about funeral costs. After the funeral, the individuals who were dependent on the deceased’s income could also find themselves in dire straits.
It’s not just reserved for children left behind, either. Life insurance policies can protect spouses, parents, or even close friends – our ‘chosen’ family. Beneficiaries of policies can be named by the policy holder, and there’s no restriction on who can be left money from a policy.
With 25% of people reporting that they’d struggle if there was a sudden loss of income in the household, it makes more sense than ever before to consider the future.
PHP Agency reviews that even if the family would survive financially without the policy holder’s income, their life insurance payment could pay for other things, and make a real change to a beneficiary’s life.
Policies can cover all manner of legacy plans, including college fees, home purchases, and other investments that family members can enjoy in the memory of the one who took the time to take out the policy.
An Option for Responsible Business Owners
Life insurance doesn’t just mean money being paid out to family members who are named as beneficiaries on a private policy.
PHP Agency reviews that some policies are created specially to cover businesses in the event of the death of the policy holder. Taking out life insurance as a business owner can mean covering all manner of business expenses, including staff payroll and invoices.
Life Insurance Isn’t Only for Death
While there are many policies that pay out in the event of a death, there are those that can be used more like long-term saving plans, the benefits of which can be enjoyed while the policy holder is still alive.
Purchasing a living benefits plan, for example, can mean that in the event of serious sickness or change in life circumstances, care and medical treatment can be paid for while the policy holder is still alive. This can mean less stress placed on family members or loved ones who may otherwise have had to fund the care themselves.
PHP Agency reviews that plans such as whole, or universal life often offer the option to invest some of the cash premium paid on the policy each month. In time, the invested cash pot can grow and can be accessed in the event of an emergency, not just death.
This means that the policy holder can access these saved funds at times of unexpected difficulty, such as an accident that incurs medical bills, or a large, surprise expense. Much depends on the terms of the specific policy, but many have found such a plan to have been a life-saver at crucial moments.
Choosing the Best Life Insurance Policy
PHP Agency reviews that life insurance can be purchased as an off-the-shelf package or can be crafted to be as individual as a fingerprint. Each detail can be tailored to fit the person who has taken out the policy, should they so desire.
Some people choose to purchase their policy through a personal financial adviser, others through a reputable company.
What really matters is that life insurance is purchased at all. It could seem to be a tedious procedure to have to meet the monthly premiums, but all insurance is a protection, peace of mind for if the worst were to happen.
The sooner the policy is purchased, the lower the premiums. Young people who are in good health and are looking to build their financial future should make purchasing life insurance a priority, rather than waiting until they’re older.
PHP Agency reviews that the longer the policy is paid into, the more valuable it becomes, so life insurance should be on every person’s list of ways to protect not just their financial future, but their loved ones’, too.
