Life Insurance gives you the opportunity to take care of your loved one’s immediate and future financial needs in the event of your passing. Having life insurance will help your family pay for immediate needs such as funeral expenses, uninsured medical costs and current bills and debts.
On the other hand, your family’s future needs may include education plans, emergency funds, retirement expenses, income replacement and ongoing family obligations.
There are a variety of options to choose from and something suitable for every need and income:
Offers protection for a limited number of years, the death benefit is typically provided for 20 or 30 years. At the end of the term the coverage expires.
Offers a death benefit, plus an investment component that may be collected, borrowed or used to pay the policy's premiums. The policy may remain in force for a lifetime, as long as the premiums are paid.
When most people are asked about their insurance needs, they automatically think about auto, home and health insurance. However, these are risks that may or may not happen. On the other hand, the one inevitable risk, death, is one most people see for the very distant future because it’s a subject that understandably no one likes to face.
Life insurance is something everyone should consider no matter what your age or family circumstance is. The sooner you get life insurance, the better. It is your responsibility to do everything within your power to protect your family’s way of life should an unexpected death occur. Take the step to secure your loved one’s future and provide them with the proper life insurance protection that will not only help with the rough times but will offer a form of stability that they can count on.
• Fifty-six percent of married parents believe their current life insurance coverage is inadequate
• Twenty-two percent of families with dependent children admit they will have immediate trouble meeting everyday living expenses, and another 26 percent can cover expenses for only a few months if a primary wage earner dies
Facts about Life 2007, LIMRA International, (August 23, 2007)