Financial planning can feel daunting if you are trying to figure out your next steps in setting up your family and future. One type of insurance you should look into is life insurance, which is a contract in which you pay a premium, and then upon death, there is a payout for the chosen beneficiaries. The type of insurance you want, whether whole or term, may depend on your goals and purpose in obtaining it.
Let’s explore a few benefits of having life insurance.
You’ll help your family handle the immediate costs surrounding your passing.
At its core, life insurance helps those around you not have to carry heavy financial burdens. When someone dies, there are often funeral expenses, medical bills, among other costs to be considered. Due to various factors, a person’s passing can cost a few thousand to tens of thousands of dollars and can burden the family, especially if the one who passed was the sole income provider.
Life insurance is a non-taxable amount given at the time of death.
Unlike other types of money you may leave behind, life insurance is non-taxable, meaning the money you sign the contract for is the amount your beneficiaries will receive. Signing up for life insurance is a small process, and premiums may vary depending on your health, age, and other factors, but you’ll be able to let them know what to expect.
Insurance cushions the loss of income after a passing.
People think of grieving during the first few weeks after a death, but the ripples of a person leaving this physical world impact those they were closer to for longer. Grief can cripple some for months and loved ones can quickly fall behind on work and bills. Mortgage payments, school loans, and the electricity bill, unfortunately, don’t care about circumstances. Life insurance can create space for those left behind to figure out new plans moving forward to pay off any outstanding debt and bills without being crushed, or having to declare bankruptcy.
How to get life insurance.
Term life insurance is anywhere from 5-30 years and will cover a passing within that time, whereas whole life insurance is for your entire life. Each has different benefits you can explore. No matter what you need, Navy Mutual provides affordable life insurance coverage to current and former servicemembers and their families. Learn more here.
Above all, you’ll have peace of mind.
When you get life insurance, you can rest easy knowing that you are leaving behind enough for your family to be okay. Your beneficiaries could pay off the house, take unpaid leave to grieve, or use the money to go to college or trade school. Life insurance is what you leave behind for them to grow from when you can no longer be there in person. Use Navy Mutual’s calculator to determine how much life insurance you should take out for your needs.
This article is sponsored by Navy Mutual. Protect your family and your future. Navy Mutual provides affordable life insurance and annuities to those who have answered our nation’s call. If you are active duty, in the reserve or guard, or retired from any branch of the United States military or uniformed services, we’d be honored to serve you. Click here for a quote from Navy Mutual today!
Written by Aj Smit
Aj Smit is the author of the book Red Thread: Weaving an Embodied Life of Joy, speaker, glitter enthusiast, and professional weaver of Joy. She is a military spouse in S. Korea with a pup and houseplants galore. Aj has led various Red Tents, retreats, and workshops internationally over the last ten years to help others discover how to weave creativity and curiosity into their lives. You can find her on Facebook and Instagram at @TheJoyWeaver and TheJoyWeaver.com