Is life insurance worth it?
When deciding if life insurance is worth buying, start by looking at what's important to you and how you want to protect it.
Do I need life insurance?
A lot of people wonder — should I buy life insurance? What are the benefits? Yolie Aleman-Rodriguez, State Farm® agent in Tolleson, Arizona, helps customers with these questions every day. Her answer — it depends on what's important to each individual. She talks about the different reasons people buy life insurance, and the impact it can make.
For your family
The biggest reason people buy life insurance is to help provide financially for their surviving loved ones. "It is purchased out of love for the family," says Aleman-Rodriguez. "If you have a partner or a family and don't have life insurance, they could lose everything if something happened to you. Life insurance will help ensure your family will be taken care of if you're not there and allow them to continue their standard of living."
She says most wage earners find it especially important to have life insurance as a Plan B, but stay-at-home parents can benefit from it too. In the event of their passing, the other parent would potentially have added expenses, like childcare, house cleaning, eating out more, etc. Even if you don't have a family yet but plan to, it's typically affordable the younger and healthier you are.
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For your business
Business owners also have a need for life insurance. "Not only can it protect your own family, but if you have one or more business partners, you can set up buy-sell agreements funded by life insurance, so that if something happens to one of you, the other partners would take over your share of the business, while the family of the person who dies would get a life insurance payout."
For giving to charity
Aleman-Rodriguez has had customers who are passionate about nonprofits and some that travel abroad on mission trips. Some of these customers have purchased guaranteed life insurance for the expense of being flown back if something were to happen to them overseas. Others have chosen a charity as the beneficiary of their policy, so even if they're not around, they can continue to give back to their cause. "It's something that's dear to them, and many people decide it's important enough to protect," says Aleman-Rodriguez.
Should I get life insurance?
If you have people who depend on you financially or a cause you care about deeply, then the answer is yes, life insurance should be considered. Aleman-Rodriguez has helped a lot of customers over the years and has seen firsthand the incredible difference it can make.
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