Data from Statista shows that an average American spends about $846 on Christmas gifts. While the most common Christmas gifts include gift cards, skin care products, toys, and getaways, you can do something more unique this Christmas – purchase life insurance coverage. Currently, only about 60% of Americans have life insurance; of those, nearly 20% of them are underinsured, as reported by the Life Insurance Marketing and Research Association (LIMRA). Here is a look at some of the reasons you should consider life insurance as a Christmas gift.
Protects Your Loved Ones
According to the National Association of Insurance Commissioners (NAIC), life insurance coverage provides financial protection for your family and pays for funeral expenses when you die. This means that purchasing this coverage is the best way to financially provide for your loved ones after you’re gone and relieve them of the burden of paying for your burial expenses out of pocket. For this reason, you should purchase life insurance this Christmas as a gift to yourself and your family.
Gives You Options
Life insurance coverage can either be whole life insurance or term life insurance. Whole life insurance provides coverage until you die, while term life covers you for a certain length of time. If you outlive your term life insurance, you can choose to renew it for another term or convert it to whole life insurance. You may be able to take these actions without undergoing a medical examination, according to an article published by Forbes Advisor. While you may pay higher premiums for whole life insurance, these types of policies do provide higher benefits for your loved ones upon your death.
It’s Affordable
Although life insurance may seem costly, term life insurance is a cheaper option if you are concerned about the cost of premiums. Also, you can purchase whole life insurance and qualify for lower premiums by earning discounts, living a healthy lifestyle, going for regular medical check-ups, and purchasing it earlier in life. Additionally, if your employer offers a group life insurance plan, you can enroll in that to enhance your benefits as well as lower your life insurance costs.
It’s a Lifetime Gift
Unlike toys that may break a few weeks after Christmas or clothes that may fade after a few months, a life insurance policy is a lifetime gift. It can provide coverage for as long as you are alive and will help take care of your family’s finances upon your death. With the right life insurance coverage, your family will remain financially stable in the event of your death and avoid going into debt. That kind of security is worth your investment this Christmas.
These are some of the reasons for choosing life insurance as a Christmas gift. Avoid the search for finding the right life insurance provider for your needs and visit Mayer Insurance in Apple Valley, Minnesota to secure your coverage today. We take the time to help you review your options, find a policy that meets your needs, and ensure you understand the contents of your coverage.
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