Pros And Cons Of Life Insurance

Pros And Cons Of Life Insurance


Life is uncertain as you cannot foresee what is about to happen or control any upcoming events of your future. What you can do is make it a tad bit easier for your family by preparing for it beforehand. Everyone knows the purpose of life insurance, your beneficiaries will have financial protection if you die at an early age.

Many times we have seen that there is only a single member earning in a family, so the whole family gets financially dependent on the bread-earner. If any mishap happens, the whole family will be in trouble. Here, life insurance proves to help pay off debts, children’s education, rent, bill, and miscellaneous activities. 

So, before you get your hands on a life insurance policy, there are several pros and cons you should know because it is a huge investment and also a commitment where you need to pay a certain part of your salary every month. 

What are the pros of life insurance?

Guaranteed income

Your family is accustomed to you bringing in a brief amount of salary every month, from where several costs are born, rent, taxes, education, groceries, etc. But what happens after your demise? How will your family continue living the same life? Life insurance makes it easier for them to bear all these costs with a guaranteed income.

Tax Benefits 

Several countries follow this law where the amount which is deducted and accumulated for life insurance is tax-free, which means no tax is levied on that particular amount. Which also makes it a tax-free source of income. 

Sense Of Security

When you save up for your life insurance, you are not saving it up for yourself. You do it to secure your family against any financial trauma after you are gone. Firstly, the death of your family member is a very big trauma and then when they mind out they have no money or no means of income, it is sure to give them a very hard time for a long time.

What are the cons of life insurance?

Irrelevant For Someone Without A Family

This must sound a little harsh, but it is the overall truth. Why would anyone invest in life insurance when he has no one to cater to. It would be worthless.


It is fairly expensive for a person who is from a low-income group. It would be very difficult for him to manage everything with a salary that does not even satisfy all of his needs. A person who can hardly pay his bills will not be in a position to invest in life insurance.

Louisiana life insurance Specifics

The State Insurance Code of Louisiana regulates the life insurance industry in the state. Louisiana life insurance companies must abide by the following provisions to protect life insurance customers as guided by the state:

Free Look Period

In Louisiana, the purchaser of the life insurance policy can back out of the policy till the 10th day and they will get a full refund, with no question asked, as per a study by Life Ant.  

Grace Period

The purchaser of the life insurance policy is allowed to pay the bill late for up to 30 days. After that, the company can legally cancel its policy.

Top 3 Policies In Louisiana Life Insurance Companies List:

  1. New York Life with a total market share of 9.77%
  2. State Farm stands second with 7.58%
  3. Northwestern Mutual secures the 3rd position with 6.80%

This was some valuable information that you and your loved ones could benefit from. You can get in touch with louisiana life insurance companies to understand it further.

You can also visit Kelly Lee Insurance, one of the well-experienced companies on the Louisiana life insurance company list. You will get several benefits like affordable insurance rates, knowledgeable, customer-focused insurance agents, convenient office hours, and flexible appointment scheduling. 
So, what are you waiting for? Head to Kelly lee Insurance NOW!

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