The United States of America is one of the few countries where nearly every adult citizen has made at least one form of investment in their lifetime. Whether one is a business owner or delivers pizza, people are well aware of the benefits of investing their wealth.
One of the most popular and encouraged investment forms is a life insurance plan. People as young as 20 are encouraged to invest a portion of their income in a suitable life insurance scheme. This protects people’s wealth against depreciation, and the guaranteed cash value will help people cover their many expenses.
Continue reading below to learn about the five different expenses covered by life insurance as per William Schantz.
What Are the Five Different Expenses Covered by Life Insurance as Per William Schantz?
A life insurance plan is one of the most reliable and safest forms of investment opportunities that can benefit people from all kinds of financial backgrounds. Investing in a life insurance plan guarantees cash growth and keeps your wealth insulated from the damaging volatility of the external market conditions.
The five different expenses that one can cover by investing in a life insurance plan are as follows:
1. Everyday Expenses
In a country like the USA, where the cost of living can be extremely high, people on a low income often have difficulty affording simple everyday expenses. Everyday consumer items such as food, medicine, clothing, fuel, etc., can be expensive if someone has not invested in some form of an investment opportunity.
According to William Schantz, investing in a term life insurance plan can help people grow their cash value, which will help them pay for the many everyday expenses of life.
Affording a child in the USA can be very expensive if one wishes to give their children a comfortable life. From the early expenses of diapers and baby food to school tuition and paying for a nutritious diet, parents could use every extra dollar.
Investing in a term life insurance plan can help these parents pay for all these needs and give their children a great life of open opportunities and growth.
3. When one has to Take Some Time Off
It is not uncommon for people to want to quit their jobs and take some time off. This can happen when one wishes to travel or is dealing with some grief and needs time to recover. Doing so can become nearly impossible if the person is entirely dependent on the income from their job.
However, if they have invested in a term life insurance plan, the cash value benefits can offer them an alternate stream of income, allowing them a chance to take some time off from work.
4. Different Unpaid Debts
An average American citizen usually has to pay off multiple different debts during their life. This can include student loans, a loan for a car, a house mortgage, etc.
Without an alternate source of income, people continue to struggle with paying off these debts their entire lives. However, by investing in a suitable life insurance plan, they can grow their wealth which helps them pay off all their debts.
5. Death Benefits
Not everyone has property or a fully functional business that they can leave behind for their family once they pass away. Suppose you are the family’s sole breadwinner and you have not made any sound investments during your lifetime. In that case, your family will suffer from great financial instability after you pass away.
According to William Schantz, this bleak situation can be avoided if one invests in a life insurance plan. The death benefits will allow you a chance to create an inheritance for your loved ones, to help them get back on their feet once you are to die.
Final Thoughts by William Schantz
You are not alone if you are struggling with covering the many living expenses in the USA. To make life much easier, follow William Schantz’s advice and invest in a suitable life insurance plan as early as you can.