Is Life Insurance an Expense?
Jul 01, 2020
A lot of times, we see this as a bill, and we might start thinking about all the other things that we could be doing with that money. Or we rather avoid altogether by not getting one. But is having life insurance an expense?
When you buy life insurance, you might feel that it is a burden and an expense. And therefore, we see it as something negative instead of something positive. A lot of times, we associate negative emotions with life insurance. Perhaps it is because it makes us think about death instead of life.
However, it is a matter of the perception that we have about it. It might feel like an expense because you do not see immediate benefits.
But life insurance is peace of mind policy. These days, it is not just to protect your loved ones if you pass away, but also to protect you if something unexpected happens and you are still alive.
Also, many life insurances are a great tool to increase your wealth and to use as income in the future without having to worry about tax implications.
At this moment, it is your job to provide for food, shelter, clothing, medicine, schooling, and other things for yourself and your loved ones.
Perhaps you feel that you don't need life insurance because you have tons of savings and investments.
But take a pause and think about this, do you want to deplete all your investments, and savings, in substantial medical bills? Do you want to use your retirement to take care of age-related expenses? Or would you instead use that hard-earned money to enjoy financial freedom?
Right now, it might seem that you are invincible, and nothing will ever happen to you.
And it might seem that your life insurance policy is just accumulating dust in a corner.
But life is unexpected.
Two things are certain, death and taxes.
However, someday when you can no longer perform your job, she will come alive. And she will provide for you and your loved ones what you are no longer able to offer.
She will provide paycheck protection, pay for any of your medical bills, pay your mortgage, your kids' college education. She also will pay off all of your debts and will continue providing food, clothing, shelter, medication, and anything else your family needs that you can no longer present.
So whenever you feel that your life insurance is a burden and an expense, remember that she will do more for you than what you ever did for her.
Wanna know how much life insurance you need for you and a loved one? Make an appointment to match you with someone on my team.
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