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Six Important Reasons to Buy Life Insurance to Convince People Who Don’t Want To

November 29, 2021 General

Have you been considering getting a life insurance policy—but you’re not sure if you really need one? It’s an important investment in your family’s future and not one to be taken lightly, which is why it’s completely natural to have ambivalent feelings about your decision.

Here at Encore Insurance Group, we’re an independently owned and operated insurance agency serving all of Michigan. We pride ourselves on our affordable rates, comprehensive coverage, and our dedication to helping our clients protect their families and assets.

When you’re ready to discuss life insurance, you can call us at 248-466-0200 to speak with one of our friendly and knowledgeable Encore Insurance agents.

Different Types of Life Insurance 

You may have heard of at least two different kinds of life insurance policies:

Term: You buy term life insurance policies for a set number of years, such as a 20- or 30-year period. You pay a monthly premium, and your beneficiaries receive benefits upon your death.

Whole: A whole policy (aka permanent policy) is for the rest of your life, as long as you stay current with your premium each month. Certain kinds of whole policies also provide an opportunity to invest.

1. Provide Your Family with Protection

Here’s something we tell every client: Life insurance isn’t for you but for your family. In the event of your death, a life insurance policy provides your family with the financial stability they’ll need to get them through a challenging time. It also gives your loved ones some breathing room to consider their financial options moving forward.

2. Pay for Your Final Expenses

Having a life insurance policy will help your family pay for your final expenses. According to Funeralocity, the price of a traditional full-service burial in Michigan is $7,922. For a full-service cremation, you’ll pay around $6,529.

A cash payout from a life insurance policy will help your family members pay for those expenses and others, like probate taxes, estate fees, medical bills, or any other debts you’ve accrued.

3. Invest in Your Financial Future

Purchasing a life insurance policy is also an excellent way to invest in your financial future. A whole policy (or universal policy) allows you to build cash value as long as you pay your premiums for the long term. You can even withdraw the money if you’re ever under financial hardship.

4. Take Advantage of Affordable Policies

Many people are under the misconception that they can’t afford life insurance. However, the truth is that many policies are quite affordable, especially if you’re young and healthy. Even if you have a pre-existing condition, you can still find a cost-effective policy with coverage that suits your needs.

Here at Encore Insurance, we have plenty of policies to choose from with varying levels of coverage to suit your needs. The policies we offer include:

  • Life insurance
  • Auto insurance
  • Home insurance
  • Boat insurance
  • RV insurance
  • ATV insurance

5. Get Peace of Mind

Some things are just priceless. When you have the protection of life insurance, you can get peace of mind that your family and loved ones will have financial security in the event of your death. It can also assist with debt payoff, replace lost income, and provide a diversity of investments for your portfolio.

6. Protect Your Business Obligations

If you own a business, purchasing a life insurance policy is particularly important. If you were to pass prematurely, your policy would cover your business obligations and debts. For business owners in a partnership, both partners should maintain a current policy for maximum protection.

Invest in Your Family’s Future with Life Insurance in Michigan

At Encore Insurance Group in Michigan, we know how important it is to you that your family members get the protection and financial stability they deserve. Head to our website now to learn more about our policies and schedule an appointment with one of our experienced insurance agents.