16 Jul FUTURE OF LIFE INSURANCE SPEAKER: WHAT COMES NEXT FOR INSURERS AND INSURTECHS?
The best future of life insurance speakers and futurists will tell you: There’s a number of reasons to invest in policies. Doubly so when it comes to securing peace of mind for yourself and your family. Of course, not everyone is familiar with how insurers and insurtechs can help. That being said, as future of life insurance speakers and futurists, let’s discuss.
People buy life insurance for several reasons, including…
- Financial Protection for Loved Ones: It provides a financial safety net for dependents and loved ones in the event of the policyholder’s death – and ensures that beneficiaries receive a death benefit that can help cover living expenses, mortgage payments, education costs, and other financial obligations.
- Income Replacement: If the primary earner of a family passes away, life insurance can replace the lost income and help maintain the family’s standard of living. Per top future of life insurance speakers and futurists, it offers a source of funds to cover daily expenses and future financial goals.
- Debt Repayment: Policies can be used to pay off outstanding debts, such as mortgages, car loans, student loans, or credit card debt. Doing so helps prevent the burden of debt from falling on surviving family members.
- Funeral and Final Expenses: Proceeds can be used to cover funeral and burial costs, medical bills, estate settlement fees, and other final expenses. If you think about it, that relieves the financial burden on the deceased’s family during a difficult time.
- Business Continuity: Your efforts here can play a crucial role in business succession planning and provide funds for the smooth transition of a business, repayment of business debts, or buyout of a deceased partner’s share.
- Estate Planning: On top of this, life insurance can be utilized as an estate planning tool to provide liquidity and ensure the smooth transfer of assets to heirs. It helps cover estate taxes, legal fees, and other costs associated with estate settlement.
- Charitable Giving: Some individuals use options here to make charitable donations or leave a legacy by naming a charity as the beneficiary of their policy.
- Peace of Mind: As noted, a policy offers peace of mind, knowing that loved ones will be financially protected in the event of the policyholder’s death. Sign-ups create a sense of security and assurance for the future.
Speaking as future of life insurance speakers and futurists, it’s also important to note that the specific reasons for purchasing life insurance may vary based on individual circumstances, financial goals, and personal priorities. It’s advisable to consult with a financial advisor or insurance professional to determine the most suitable life insurance coverage for your needs.