Why you should consider life insurance in 2026

If you are planning your finances or estate in 2026, a life insurance policy should be a top priority, especially if you don’t already have one. Life insurance offers a range of benefits that can provide financial security and peace of mind for you and your loved ones.

Othneil Blagrove, senior manager of sales and marketing at JN Life Insurance Company, shares five compelling reasons why life insurance should be part of your 2025 planning.

“Having life insurance reduces the burden of taking care of your medical costs and provides your family with funds in the event of your demise,” says Blagrove. “These funds can be used to finance your final rites or support loved ones after you are gone.”

He highlights policies like the Family Indemnity Plan, which allows you to put funds aside for final expenses for yourself or a family member. “It covers up to six people, including you, your spouse, children, and in-laws,” he explains. “Additionally, the JN Life FIP includes a critical-illness component, which can provide financial support in the event of a critical-illness diagnosis.”

Blagrove pointed out that life insurance also had a benefit in that it provided coverage for chronic and terminal illnesses

“Life insurance companies such as JN Life Insurance offer critical-illness policies that provide coverage if you’re diagnosed with a major illness such as a heart attack, stroke, or chronic kidney disease,” Blagrove affirms.

He explains that JN Life Insurance covers 13 critical illnesses that includes a recurrence benefit. “This means that even after the initial payout, you are still covered if you’re diagnosed with a critical illness again as long as your premiums are paid,” he notes.

BUILD GENERATIONAL WEALTH

Blagrove emphasises that life insurance is a powerful tool for building generational wealth. “Insurance plans, such as term plans, can protect families in case of the death of the primary income earner. The wealth passed on to the next generation is safeguarded because the death proceeds from the policy can be used to cover final expenses, ensuring assets are preserved for beneficiaries,” he says.

He adds, “Critical illness plans also protect families financially by covering major illness expenses, reducing the burden of extra costs on loved ones. Overall, life insurance is essential because it prevents families from being overwhelmed with huge expenses during unfortunate circumstances.”

The senior manager explained that not all life insurance policies focus on major illnesses. Some are designed to support families in the event of untimely death or other unfortunate circumstances. Blagrove explains that policies such as term, whole life, and universal plans are tailored for these situations.

“For example, a term plan offers life insurance coverage without investment benefits” he says. “However, JN Life offers a unique term insurance plan with an investment component. When the term plan expires, the accumulated investment can assist clients with financial needs at that time.”

SUPPLEMENT RETIREMENT SAVINGS

The insurance executive explained that life insurance was a great tool to supplement retirement savings

“Our JN Life Vest term plan with an investment option is powered by mutual funds. This serves as an effective tool for supplementing retirement savings by offering investment opportunities in equity, debt, or balanced funds. With the potential for higher long-term returns and the power of compounding, even small, regular contributions can grow significantly over time,” Blagrove explains.

Highlighting additional benefits, he explains: “Investors can choose funds based on their risk tolerance and goals, with equity funds providing strong growth potential for long-term savings. Additionally, mutual funds offer flexibility and liquidity, allowing partial redemptions to access funds during emergencies or to supplement retirement income without fully liquidating investments. This combination of growth, flexibility, and accessibility makes mutual funds a versatile option for retirement planning.”

As Blagrove points out, life insurance is more than just a safety net. It is a valuable financial tool with long-term benefits for you and your loved ones.