If you are living on a comfortable budget and have savings, you may think you don’t need life insurance. But a life insurance policy can be an important part of your overall savings, and what you leave for your heirs. Here are a few reasons why there is value in life insurance for all income brackets:
The Future is Uncertain
We all know that we cannot predict the future. An unexpected expense, a change in the market or economy, or unforeseen illness can always change the equation. If you have life insurance, it is just one more way to help secure your family’s future, and often at set terms. Life insurance covers funeral costs, and it can replace your income for your dependents, should you pass away unexpectedly.
Life Insurance Isn’t Just for You
On a related note, the people who truly benefit from your life insurance policy are your family members. Your spouse, siblings, or parents can receive the death benefit of your policy, and of course your children can be named as your beneficiary. The insurance benefit can go towards their education or their inheritance, and it can give you peace of mind that your children will be provided for even if you are gone.
Use To Help Supplement Income
Did you know that some life insurance policies can accumulate cash value? Permanent life insurance policies have cash value and part of your monthly premiums go toward this part of the policy. You can work with a financial professional to include this type of policy as part of your overall financial plan.
Permanent life insurance lasts for your entire life, unlike term insurance which is for a specified time period. As a result, the premiums will be higher than those for term at the start of the policy, but there can be more flexibility in benefits.
Use Your Insurance If You Become Terminally Ill
A permanent life insurance policy can also help in the case of a very serious illness. This involves accelerated benefits , which can help cover medical costs. However, that money comes out of the death benefit that will be paid out, so factor in your other savings and the rest of your estate.
Talk to a trusted insurer  to see the different options available and find the policy that best suits you. Regardless of where you are in life, or where your savings stand, a life insurance policy can be an important component of the legacy you leave for your loved ones.