There are two things that most people worry about: 1) Dying too soon, or 2) Outliving one’s savings.
The prospect of retirement might not seem very real to you right now. But working in retirement homes for almost a decade, I’ve seen the consequences the elderly have to suffer for not having enough money for retirement. Residents who can’t afford to stay in these retirement homes end up staying in facilities that accept Medicaid. But before they are accepted in these facilities, they have to give up everything to the point of poverty. And these places are not exactly like those commercials you see on tv for The Villages. The fear of finding myself in a place like this when I retire is very real to me. Certainly, I won’t send my own parent in a place like this.
Now, if you were to die tomorrow, you might also think that’s not a big deal. You might think, why would you care what happens to everything else after you pass away? When you’re already gone from this world, you’re already free from all the consequences of your actions or inaction, right? That might apply to some people. But what if you are married or have children? Or both? Yeah, you might already be sipping champagne on that big banquet table in the sky, but if you left behind a family, they would be the ones bearing the cost of what you left behind.
If you have a mortgage, a car loan, credit card bills, or any other debt, who’s going to pay for all of those when you’re gone? Who’s going to pay for your funeral expenses? What about the medical expenses that you might incur prior to meeting your ultimate fate, or the unpaid taxes that year, or the legal expenses related to your estate administration? If you have kids, wouldn’t you want to ensure that they have money for their college rather than have them get into debt for over a hundred thousand dollars?
Between either of these two scenarios above: whether you pass away too soon, or live a long, healthy life, there’s really only one product that you can get that would ensure that you are prepared for either scenario: a life insurance with cash value. I’m talking about a life insurance with cash value that grows as if you invested your money in the stock market, plus it also gives you a guaranteed death benefit if the unthinkable happens. It’s a win-win!
Now, let’s say you’ve been very responsible with your money. You don’t leave behind any debt or whatever burden to your family when you pass away. Would you still need life insurance then? Why not? Life insurance guarantees the legacy that you leave behind to your loved ones. It ensures that your spouse has enough money to comfortably live the rest of her life. It helps your kids get a good start in life so they have money that they can use to start building a brighter future. If you think about it, what is your purpose in life anyway? To live for yourself? Or to help others?
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