Financial security. Obtaining your own life insurance plan could provide financial security for your family. Worker’s employer-provided life insurance benefits pays from $10-20,000, barely enough to pay funeral expenses.
Potential tax benefits. "Cash value," or "permanent life insurance" has tax advantages, which can carry through to your family in the event of your death.
Offsets high costs associated with tragedy . One in three Americans don’t have life insurance. Without a life insurance policy, families often end up being burdened by funeral costs, debts, and other obligations.
Choices abound. Finding the right policy can be difficult; there are now over 1,500 life insurance companies in the U.S. Luckily, you can now easily compare quotes online.
Premiums are becoming more affordable. Life insurance premiums have been on a downward trend. In 1994, premiums for a 40-year-old non-smoking male were about $100/month, but by 2006, premiums for the same individual went to $50/month.