Life insurance provides financial protection that savings and investments alone may not. In the event of an untimely death, life insurance ensures your loved ones are not burdened with debts like mortgages, loans, or funeral costs. Additionally, certain types of policies, like indexed universal life insurance (IULs), offer living benefits such as tax-free retirement income, emergency funds, or supplemental income during critical illness.

Life insurance is often more affordable than people think. Policies can be customized to fit your budget and needs, and the earlier you start, the lower the cost. Additionally, the financial security it provides far outweighs the monthly premium, making it a wise and cost-effective investment in yourself.

Without life insurance, your family may face financial strain, struggling to cover expenses like your funeral, ongoing bills, or debts. Life insurance helps protect your loved ones from these financial burdens, allowing them to focus on healing rather than worrying about money. Some policies can even provide your beneficiary income for a certain period of time through riders.

Employer-provided life insurance is a great start, but it’s often limited in coverage and usually terminates if you change jobs or retire. Personal life insurance policies ensure you have coverage tailored to your specific needs and remain with you regardless of job changes.

While life insurance traditionally provides a death benefit, many modern policies include living benefits. These can allow you to access funds during your lifetime for a variety of expenses such as emergencies, medical expenses, retirement or any major expense that is important. This makes life insurance a versatile financial tool, not just a safety net for your family after you're gone.

Purchasing life insurance when you’re young and healthy is the smartest choice. Premiums are much lower, and you’re locking in coverage at your current health status, which may not always stay the same. Plus, starting early allows you to build cash value over time if you choose a policy with living benefits.