When you’re healthy, life insurance can seem like an unnecessary expense. However, as we’ve all learned through recent pandemic experiences, major accidents, and other things that hit the news stories or are our personal experiences, health, safety and stability are incredibly tenuous. It only takes one illness or accident to completely change your life’s trajectory, with your family left unprepared. This is just one of many reasons to buy life insurance.
Interested in life insurance but not sure where to start? Download our free life insurance basics e-book.
One primary goal of life insurance can be to replace an income after a death. This allows family members to continue paying the bills and maintain their current lifestyle.
If you have outstanding financial obligations, such as a mortgage, car loan, or credit card debt, your family can use the proceeds from your life insurance policy to pay off that debt without having to tap into their own resources or use funds from your estate.
Funerals often cost thousands of dollars. Even cremation can cost more than $5,000. Life insurance can be paid out at a time that alleviates some of the cash flow issues that can occur soon after your death.
Buying life insurance will give you and your family peace of mind, knowing they are cash prepared if the worst was to happen.
By purchasing a life insurance policy when you’re young and healthy, you will pay a lower rate, which means you may be able to afford a larger death benefit. Often when we are younger, we have more debt - the mortgage is bigger, we are buying new cars that aren't paid off. We may need that larger death benefit to cover those expenses. Also, when younger, we tend to be healthier which can also result in a lower premium payment and might even allow you to get a policy. If you wait until you’re older or ill, you may have a tough time getting coverage at all.
If you’re ready to buy life insurance, or if you have questions about life insurance plans and options, watch our free life insurance webinar or contact one of our experienced insurance agents.
It can be difficult to figure out which life insurance plan is right for you. Working with an insurance broker can help you cut through the noise and find a plan that meets your needs. Schedule a one-on-one meeting with one of our insurance brokers to get your questions answered!
We offer a variety of educational meetings each month. To join a meeting check out our event calendar and take charge of your insurance decision process.