Hello there! Being an Herbalife IBO can help you earn a significant amount of money every month. In fact, some of the IBOs I know are now millionaires. If you’re one of those millionaires, do you still need 10 reasons to buy life insurance?
Having enough money saved for your future family from Herbalife is great, but investing in life insurance is an excellent way to go about it.
You can use these policies to help fulfill your financial dreams or spend the proceeds easily. It really depends on what you want to do with your life and how much savings you have set aside.
Fortunately, buying life insurance has become more affordable than ever before. Even if you’re not quite sure whether this product is right for you, there are many ways to purchase one that is cost-effective.
There are also different types of coverage available, which make it easy to find something that fits your needs. Here are ten reasons why you should consider owning life insurance.
10 Reasons to Buy Life Insurance Even if You’re Earning Millions
Life happens! Sometimes things don’t work out as planned, especially when it comes to paying bills and supporting loved ones.
That’s why having some type of protection in place is important. A death benefit will provide a steady income to survivors or beneficiaries. This protects people who depend on you financially, like relatives and friends.
A burial expense option can be helpful in finalizing the affairs of someone who passed away. Either of these benefits can be paid directly to those individuals or organizations, or via a charitable organization.
2.) To be ready for any financial emergencies
Even if you have enough money saved up, life insurance is still important to own. This policy will help your loved ones get the necessary finances to pay bills after you’re gone!
Life insurance comes in two main types: term life and permanent life insurance.
A term life insurance policy expires at some time frame, usually one or three years. After that, your loved ones do not receive adequate income protection unless they find another source of coverage.
Permanent policies are always expensive because they remain in effect for an indefinite amount of time. However, this cost is more than worth it since it helps protect your family financially in the long run.
If you’re interested, find out here what’s the best option for you.
3.) To have a secure financial future
Even if you’re already an insured person, life insurance can still be important to your long-term health. You may not feel like you need it now, but there are many situations in which it is essential to have coverage.
Most importantly, life insurance helps protect those who depend on you for their livelihood or survival. By paying off debts, mortgages, and other loans that might go into default because of death, family members do not suffer financially.
This gives them the opportunity to address any financial issues that could arise from your passing. In addition to protecting loved ones, life insurance also provides valuable tax savings.
Furthermore, depending on how you use your policy benefits, you can create a legacy for yourself and others. These opportunities exist even if you don’t need extra money at this moment in time.
It’s always smart to plan ahead, however.
4.) To protect your family
Even if you don’t think you need life insurance, you probably do. A lot of things have happened because people failed to plan ahead.
Something big could happen to someone close to you, like a job loss that leaves you with no income.
Or maybe you lose a house in a fire or flood, leaving you without a home. Or perhaps you are lucky enough to live in an area where there aren’t too many disasters, but what if something major happens?
You would want to make sure your loved ones are financially taken care of in all these situations. This is why it is important to understand how much life insurance you need.
It sounds crazy, I know, but even very healthy individuals can benefit from buying life insurance.
And if you have cystic fibrosis, is it possible to purchase life insurance?
5.) Life insurance is tax-free
Even more important than it is good for your family after you are gone is how life insurance can be used to help yourself now!
Many people use life insurance to aid in their retirement savings. By putting money into a policy that increases in value over time, you get better returns on your investment as the policy grows.
These improved return rates come from two sources: inflation protection and income protection. Inflation protection comes directly from investing in longer-term universal coverage policies (also called LTU or level premium unisex universal life policies).
Income protection comes in the form of death benefits that are paid out to your loved ones. These can go towards funeral costs, final expenses like medical bills, or anything else they may need while they adjust to losing a loved one.
Both of these things can easily be overlooked when trying to figure out the best way to save for retirement. It’s easy to put off buying a policy because you don’t want to spend money upfront, but ignoring this advice will cost you later.
6.) You can withdraw life insurance proceeds
As mentioned earlier, one of the main benefits of owning life insurance is that you get to access your policy’s death benefit.
You have two options when it comes to taking out this money.
You can choose to receive your payment in monthly installments or a single lump sum. The easiest way to do this is by having the insurer pay you directly. This usually happens within weeks of receiving proof of death.
But what if you need this money right away? What if, for example, you are paying off student loans or buying a house?
Well, you can still manage to access your money quickly through something called whole-life coverage.
This type of policy gives you an income stream as well as a death benefit. You earn a fixed amount of money every year (the “annuity factor”), and these earnings are paid out either as a monthly check or a one-time payout.
These payments will continue indefinitely, which makes the policy more cost-effective long term. However, there is a price attached to this freedom – you must maintain health to qualify for them!
By putting together enough savings, you can also afford to retire early with this policy.
7.) You can transfer life insurance policies to your beneficiaries
As mentioned before, buying life insurance is an excellent way to protect those you care about in case of death.
However, one disadvantage of this policy type is that you are limited to choosing from only those companies offering life insurance coverage.
If you want to change who gets paid after you die, then you will have to look elsewhere for your protection. This could be difficult as most people feel very attached to their current life insurance provider.
Fortunately, there is a solution! You can easily purchase a new life insurance policy and add it to your existing policy. The process is simple and can be done anywhere with internet access.
There are several reasons why investing in life insurance is a good idea. By doing so, you’ll not only fulfill your financial obligations but also give someone close to you some additional security.
8.) You can increase your policy benefits
One of the main reasons people purchase life insurance is to provide a legacy for their loved ones. A legacy is what remains after someone dies- something that lives on.
A significant part of this legacy comes in the form of the inheritance you leave behind. This could be money, or it could be belongings like a house or car, but mostly it’s just you.
Life insurance was originally designed to help families survive catastrophic events like the loss of a child or parent. But these days, most health coverage is expensive enough.
By having some extra savings set aside, you can deal with those costs for others
9.) You can choose your policy benefits
One of the biggest reasons why people do not buy life insurance is because they think that it only has two main benefits: funeral expenses and legacy.
While these are important purposes, life insurance comes in many different types with varying levels of coverage.
You may have heard of whole-life policies or universal life policies. These policies offer you more choice than term plans in how you want to use your policy. For example, you can pay for an expensive house or a student loan down payment!
These additional options make sense if you need money soon so that you can meet urgent obligations. A cost-effective way to purchase life insurance is by investing in term plans.
However, there’s no reason to avoid buying life insurance if you don’t have enough savings to cover a possible death.
10.) You’re Single and Still Young
Yes, you’re still single. You have no kids to feed. You’re still young and healthy so why bother getting life insurance when the only person you’re looking out for is YOU?
This is not a must in your case because no one depends on your income for anything. However, if you decide to obtain life insurance later in your life, the premium will be higher. Plus, you won’t have many options when the time comes.
Furthermore, if you have student debt, then a life insurance policy will help in paying off your debt if something happens to your Herbalife Business.
The Younger You are, the Cheaper It is to Buy Life Insurance
Hence, it’s better to purchase it now before it’s too late. I hope that these 10 reasons to buy life insurance will convince you to purchase a policy. But what if you wish to cancel your life insurance? Find out here.