Advantages & Disadvantages of Life Insurance

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Life insurance has its advantages, but it also has its own disadvantages that some might not be aware of. Learn about the advantages and disadvantages of life insurance with help from a dedicated insurance professional in this free video clip.

Part of the Video Series: Insurance Help
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Video Transcript

Hi, I'm Doug Levis, principal agent and owner of Strategic Insurance Services. And today, I'm going to talk to you about the advantages and disadvantages of life insurance. First thing, I'm going to say, in my opinion, there's really no disadvantage to life insurance. It's a great tool to protect your family. And that's, I'll only give you three points today, and that's the first, is family protection. What do I mean by that? Well, life insurance obviously insures, that if something happens to me, and I'm a primary breadwinner, and I die. I know that my wife, my kids, my family is going to be able to continue to live the lifestyle that I've helped create for them. The second thing, advantage of life insurance, is it can help build cash value. Depending on the type of policy you have, there are policies that build cash value. So, you not only have a benefit, that if God Forbid, something happens to me and I die, my family is taken care of. But you actually accumulate cash value, while you're alive. And you can use that money in terms of loans. Or, in terms of taking a surrender value from a policy that you would actually have some cash there. The third thing, and this is a big one too, is you avoid probate. With life insurance, one of the nice things, is that in the event of a claim, there's a named beneficiary. And so, the money goes directly to that beneficiary. So, it avoids going through a probate, and a probate's a process where basically, the court's involved. And they're going to kind of pick a part of your estate and there's fees and costs associated with that. So, the only thing I would say, in terms of a disadvantage, sometimes for people, is they think they can't afford it. And I find, often times, that's not the case. Most people can do policies from anywhere as low as 15 to 30 dollars a month. So, if you have a dollar a day that you can budget for your family, you can get this valuable protection. This was the advantages and disadvantages of life insurance, 'm Doug Levis with Strategic Insurance. You can get more information on life insurance at our website, which is


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