8 Surprising Benefits of Insurance

Insurance is more important than many people realize. Most people understand, in an abstract way, that insurance can benefit your life, and that it’s something they ought to have. Many of us have encountered the benefits of health insurance, and maybe we’ve experienced the benefits of life insurance, too. Small business owners also know the benefits of business insurance.

But not everyone knows the many ways that insurance can impact their lives — in surprising ways as well as expected ones. Here are eight ways that insurance can change your life, and why you shouldn’t miss out.

And if you’re contemplating which insurance policies are right for you and your family, reach out to Farm Bureau to talk to an agent.

Benefit 1: Insurance Protects Against ID Theft

You may know that identity theft is one of the fastest growing crimes in the United States, frequently topping the Federal Trade Commission's list of consumer complaints. Identity theft insurance can help you recover if your identity is stolen. Farm Bureau offers a comprehensive suite of products and services, including affordable identity theft protection that can help you through quick detection and rapid response if you are targeted. 

And, if worse situations should occur, you can connect with experienced fraud specialists who will work to resolve the situation, so you don't have to deal with it alone.

Benefit 2: Creates Safer Drivers 

Distracted driving leads to car accidents, injured pedestrians and damaged property. That makes safe driving education — and rewarding safe drivers — an important way to protect your family. If you have a new driver under age 25 coming onto your policy, the Farm Bureau Young Driver Safety program can help make them a safer driver while saving money on their car insurance, too.

Benefit 3: Builds Cash Value for Emergencies

Do you need cash to help pay for college tuition? Or to make a down payment on a new home? Or in case of an emergency?

Whatever the reason, there are a number of ways you can tap into the cash value you've built up on a permanent life insurance policy. If you find yourself in a tight situation, you may benefit from having this type of insurance.

Benefit 4: Helps You Retire Comfortably

Retirement is the beginning of an exciting new phase of life, but it can also be frightening. Long-term care insurance can help you prepare for rising medical costs throughout your retirement. Cash value life insurance can provide a safety net of money you can draw on in an emergency.  For retirees, one of the biggest benefits of insurance is the security it can provide in this next chapter.

Benefit 5: Keeps Business Owners in Business

To a business owner, owning your own company is a source of income, but it’s more than that: it’s also a dream come true. Business insurance helps to protect that dream. Whether you’re looking for small business insurance, ag operation coverage or employee benefits, Farm Bureau can help. By customizing your coverage, you can stay in business no matter what life throws your way.

Benefit 6: Contributes to Business Succession

When you’re a business owner, you can’t just think about today — you have to plan for the future. That means that when it comes to planning for the future, succession strategies are a top priority: Who will take over the business when you are ready to retire??

You and your insurance agent can answer this question together when you customize a business succession strategy that fits your needs so you can successfully hand the baton to the next generation.

Benefit 7: Helps You Leave a Legacy 

Passing on a legacy to the next generation is important. How will you help your family members fund the future and fuel their dreams? Life insurance gives you many opportunities for you to leave a lasting legacy, in addition to providing for your spouse, family and other heirs.

Whether you’re creating an estate plan and providing guidance for your loved ones or detailing a plan for down the road, insurance will benefit your future plans today.

Benefit 8: Help Charities

Not only does life insurance protect you and your loved ones, it can also make a positive impact on your community or favorite organizations. It can be a great tool for increasing charitable giving.

The opportunity to make a larger gift than otherwise possible by designating a favorite charity as a beneficiary on your life insurance policy is a wonderful way to support your community. This is one of the hidden benefits of whole life insurance and, potentially, one of the benefits of term life insurance, too.

Get the Benefits

Just as there are many pieces of your life to protect with insurance, there are also many benefits. Insurance provides many benefits. Reach out to Farm Bureau today to find out how insurance coverage can benefit you.