Depending on your age and life circumstances, life savings insurance may not have crossed your mind yet. Many don’t worry or think about this idea until they have a family or a mortgage.

There are a few ways to build up assurances so that you know your loved ones will be taken care of. You could establish and grow a savings account. Or you could take out a life insurance policy. Is one better than the other? Let’s dig into what each of these means and why you might choose each.

The truth is that financial security is concept that worries a lot of people. A 2018 survey reported that 85% of people have some stress about their finances, while a whopping 30% are in constant stress about money. If you fall in this category, life savings insurance can help take some of this worry off your plate.

Life insurance v. Life savings

Perhaps you haven’t really thought about life insurance as necessary yet. When you’re young, life insurance doesn’t seem like something you need right away. It’s an extra cost at a time when you might be focusing on building a career or traveling the world.

As you age and become a little more focused in your work or career, and perhaps have a family, life insurance or life savings insurance starts to become more important. There are a few ways you can begin to build assurances for yourself and your family. Let’s discuss a few of these ways.

Life insurance starts to sound important when your life circumstances begin to change. For example, if you are married, all of a sudden there is someone else to protect in the case that something happens to you. If you married and you then have children, not only is your spouse vulnerable to to financial loss if tragedy strikes, but so are your children. And what happens if tragedy happens not only to you but also to your spouse?

These are difficult situations to consider and to talk about but, as you can see, they are also really important situations to prepare for.

Life Savings

A savings account is another option for accumulation of wealth as you are trying to build a foundation for your family. While a savings account can offer you some peace of mind in that your money is all in one place, most of the time, it doesn’t offer much growth. Let’s look at a few pros and cons of a savings account.

While most savings accounts don’t offer much in the way of interest accumulation, some are better than others. Click here and here to learn about the different types of savings accounts and what might be the best option for you.

One or the Other...or Both?

In the end, you might decide that life insurance is a good fit for your family and your financial situation. Or you might decide that right now, trying to put money aside in a savings account to grow some interest will work best. For some people, having both an insurance policy of some sort and having a savings account, can feel like you have savings insurance. This way, you have money stashed in the case of a financial emergency. But also, you can have peace of mind knowing that if tragedy strikes, your family and loved ones won’t be left in a lurch. It’s a win-win situation. If you’re looking for more information about life savings insurance in Arizona check out other information right here on our website. We are the insurance pros!

Here at IPA, We Care About You

Our business has over 15 years of insurance experience in the State of Arizona. IPA strives to make your insurance experience as smooth as possible. That is why we offer online and in-person options for you. This allows you to choose what is going to be best for you and your situation.

We want you to feel comfortable about getting insurance. Let us answer any questions you have. We let you choose from over 40 insurance providers. This lets you have control over what matters most to you. We provide both personal and professional insurance options.

Call us today for any more information from one of our experienced members.