life insurance

7 little-known facts about life insurance that you might not know

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Do you think you don’t need life insurance? Think again. A funeral alone can cost thousands or more. You may also have family members who count on your income. And if you have debts such as a mortgage or private student loans which you wouldn’t want to pass on to your loved ones, life insurance will prevent them from inheriting it.

There are many more things about life insurance that you may not know about. Here are just a few of them.

There are many kinds of life insurance

There’s more than just one type of life insurance, and they generally fall into two categories; term insurance and permanent insurance.

Term insurance is affordable when initially purchased and is designed to meet short-term needs. You generally only pay if you pass away during the term you applied for.

Permanent insurance is geared toward lifetime security. As long as you pay the premiums and take no loans, withdrawals or surrenders, the entire amount will be paid. Since permanent life insurance is intended to last a lifetime, it accumulates cash interest and is designed for you to keep for a long period of time.

Life insurance is also a great planning tool

A term life policy gives you the assurance that if you pass away, your family will be able to manage expenses, from the cost of daily living to mortgages to education. Yet you can also use the policy as a planning tool to protect your assets, for example, taxes, legal expenses and administrative fees.

In fact, cash claims from a life insurance policy can be a simple way to allocate your assets to the proportion you choose, especially if you have several heirs.

life insurance

Life insurance and health coverage are equally important

As health costs increase by the day, it has become as important to obtain a health insurance plan as a life coverage plan. Health benefits, disability insurance and critical illness plans provide you with a financial buffer that compensates for your financial loss if you are unable to function due to illness.

Term life insurance does not last forever

Term life insurance is an arrangement between you and an insurance provider, that allows for claims of a certain sum to your beneficiaries if you pass away during the term,depending on continuity payment of the monthly premium.

It is called term life since it offers protection only for a given duration, such as 10, 20, or 30 years. If you pass away during that period, your beneficiaries will receive the benefit by claiming. But if you survive the term, the policy will terminate.

Review factors such as your properties, debts, your dependent’s financial needs and potential expenditures (such as education) will decide which term duration best suits your lifestyle.Do consider things like when your major debt gets paid off and the ages of your dependents will become financially stable.

Almost anyone can afford life insurance

Sure, life insurance does get pricier the more riders you add to it, and whether you’re a smoker or struggling with health issues, the price will inevitably go up. According to Life Happens and LIMRA’s Insurance Barometer Report, most people believe life insurance costs about three times more than what it actually costs.

As a rule of thumb, a healthy nonsmoking 30-year-old person can acquire a $250,000 20-year level term policy for just about $16 a month.

You still need life insurance even as a stay-at-home parent

Life insurance is always necessary if you’re a stay-at-home parent. Although you might not make a real killer paycheck, you are likely providing services that may cost tens of thousands of dollars to replace each year.

These may include, to name a few, child care, regular transportation, home maintenance and cooking. If you were to pass away, some of those expenses will be protected by life insurance benefits.

Proceeds are generally tax-free

Compare this to, say, crowdfunding solutions like “GoFundMe,” which have become so common and generate tax implications for the people it’s supporting, (not to mention hidden fees and lack of guaranteed benefit) it’s beneficial when you are trying to build a beneficiary’s inheritance.

When it comes to finances, life insurance can serve many purposes. Taking care of family members, managing debts and being able to save on taxes are some way that life insurance can help.


Hampton Wealth specializes in wealth management and sourcing high-quality investment options such as listed bonds and funds with a focus on providing from normal to off the shelf financial returns.

Find out more at HamptonWealth.com

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