Why Do You Have Life Insurance?

by Ryan Guina

This is a sponsored post that contains affiliate links.

It’s easy to complain about life insurance premiums. After all, we have to pay them each month, but rarely see the benefits. In fact, this reluctance to make a monthly premium payment for something you won’t see the benefit might be one reason that you’re underinsured.

Before you figure out how much life insurance you need, stop and think about the reason you are getting life insurance. This can help remove the sting of paying the premiums.

Help Your Family

The point of life insurance isn’t to provide you with money for retirement or any other purpose (although some cash value policies offer those promises). It’s supposed to be a way for you to help your family. According to a survey from John Hancock, many people see it as a way to cover final expenses. Twenty-five percent of Baby Boomers and 16 percent of Gen Xers see it as one way that the family can cover funeral costs and other costs, reducing the financial burden on loved ones.

Why Do You Have Life Insurance?

However, Gen Xers are also more inclined to focus on the benefits of providing for a family. The John Hancock survey points out that 47 percent of respondents see life insurance as beneficial, as it can help put children through school, relieve financial burdens on a surviving spouse and reduce stress in a time of grief. Another great way to help during a time like this is to carry a mortgage life insurance plan!

Peace of Mind

While you’re alive, it’s still possible to feel good about life insurance. According to the survey, 88 percent of respondents think that they feel more confident about the family’s future when life insurance is involved.

If you worry about what could happen to your family if you’re gone, life insurance can provide peace of mind (which in turn helps reduce stress and anxiety and can be beneficial to your health). In fact, 65 percent specifically pointed out that overall stress levels could be reduced with the purchase of life insurance.

We know that stress is related to a number of physical and mental ailments, so being able to reduce that stress can improve your quality of life and encourage better relationships with your loved ones.

Rewards to Take Away the Sting

While these intangible rewards can help you feel better about paying life insurance premiums, John Hancock has a new program designed to reward you more immediately and tangibly. Their new product, Life Insurance with Vitality, is designed to reward you when you take steps to live healthier (which can increase longevity). Not only can you earn travel rewards and gift cards, but you can also receive a discount on your life insurance premium. If you want, you can also receive a free FitBit which can share only the information you want shared with John Hancock. This data can be used to help you earn rewards, as well as help you monitor your own health and fitness level quickly and easily.

This is a way to encourage you to live healthier, as well as purchase the life insurance policy that could keep your family financially secure after you pass on.

I received compensation in exchange for writing this review. Although this post is sponsored, all opinions are my own.


Published or updated August 18, 2016.
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