There are many factors people consider when deciding on a life insurance policy, but one thing that they may consider most is their families. Life insurance shoppers want to know that their loved ones will be financially secure in the event of their passing. Before applying for a policy, it’s helpful to know how family life insurance helps protect an individual and their family and what the benefits are for everyone.
How life insurance helps protect individuals and their families
Life insurance can help protect the policyholder’s family when the policyholder dies. This can be used to help cover the policyholder’s remaining debt and help cover daily living expenses. The policyholder’s spouse and dependents can have help being financially supported when they’re not able to support themselves.
While life insurance is often meant to help financially support the family, additional coverage can be purchased to help with:
- If a policyholder’s child passes away.
- If a policyholder has to receive home care or stay in a nursing home.
- If the policyholder outlives the policy.
Benefits of getting life insurance
Here are some key benefits of getting a life insurance policy:
- As mentioned before, life insurance helps provide protection for the policyholder’s family. If the policyholder passes away, loved ones could be less burdened by daily living expenses, debt, and final expenses.
- Young adults who acquire life insurance can benefit from getting a policy at a low premium and saving money.
- Some plans offer an option of cash value. This growth component can accrue interest over time, and policyholders can borrow against it to help pay for living expenses.
Benefits of getting life insurance for an individual’s partner
Spouse life insurance is a type of life insurance that covers an individual’s spouse or partner. Even if a spouse doesn’t bring income to the household, they can still have expenses that need to be covered. For instance, this type of policy can help reduce the burden of paying the partner’s remaining debt. And if the partner does have a job, the policy can be helpful in replacing some of this income.
Regardless of whether a spouse is earning income or not, many couples want to ensure that the surviving person can cover expenses if they pass away. Spouse life insurance can be a way to help cover the family’s debt and any future costs, such as retirement or college.
Benefits of getting life insurance for an individual’s children
A policyholder can opt to get coverage for a child. Dealing with the loss of a child can be a difficult time. Life insurance can help with funeral expenses and help allow families to focus on mourning. A life insurance policy can also be offered as a form of whole life insurance, which means it will come with a cash value that grows over time. With all of these reasons in mind, it’s important for individuals to consider getting life insurance for themselves and their families.
In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052, ICC1368053, ICC1368054, ICC1368055. This is a brief product overview only. Coverage may not be available in all states, including New York. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac insurance coverage is underwritten by Aflac. In New York, coverage underwritten by Aflac New York.
Aflac | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
Senior PR & Corporate Communications contact: Angie Blackmar, 706-763-4813 or ABlackmar2@aflac.com
Z2300216 Exp. 3/24
Name: Angie Blackmar
Job Title: Senior PR & Corporate Communications