Life Insurance Is Not About You

Some people refuse to believe purchasing life insurance is necessary. While this seems like an unbelievable statement, insurance agents can personally speak about such encounters with potential clients. Insurance agents explaining to prospects the importance of having coverage is a daily task. Potential clients occasionally reply with the question, “How many dead people do you know who need insurance?” This type of reply may be surprising to some and offensive to others. However, the truth is that life insurance isn’t for you, it is for your family and the ones you love.

Who Is Life Insurance For?

Life insurance is for those left behind. However, you should consider it your responsibility to obtain insurance coverage to avoid your family facing a financial crisis. Many families have experienced burying a loved one who didn’t have life insurance. It leaves the family with a double dose of distress. Loved ones are already trying to come to grasp the loss of a family member. Now they are presented with the daunting task of figuring out how to cover funeral expenses. Families usually opt for obtaining a loan. Taking the necessary steps to prepare for final expenses can avoid your family dealing with such circumstances. Chances are a monthly insurance premium will cost less than a loan payment for final expenses, depending on the person’s age and health. The sooner you decide to purchase a policy, the less financially challenging it will be.

When Should You Get Life Insurance?

Rates are affected by your age and health. A young, healthy individual will be able to get a policy with lower rates. This isn’t to say an older individual with existing health conditions can’t get insurance. However, the rates will be much higher. Higher insurance ratings lead to higher monthly premiums. Having coverage in place for funeral expenses is imperative. Your current living situation can help you decide how much insurance you need.

How Much Insurance Do You Need?

Everyone may need a different amount of insurance. The average funeral costs up to $10,000. So, if you have a family, mortgage, and other debt, the amount you need may be far greater. You must think about a two-family income that now becomes a single income; in some cases, zero income. Then, final expenses could be up to $10,000. At this point, you may need a policy for as much as $100,000 or greater. It all comes to the point of making a wise decision for you and your family.

Make A Wise Decision

Now is the time to decide on your plan of action. Perhaps you have coverage through your place of employment. That may be good for now. But, if you lose or leave the job, can you keep your coverage? Perhaps, you already have coverage. Will it be enough to cover the expenses you leave behind? Answering these questions will help you decide which plan works best for you. There are several types of policies on the market with resources available on the internet. Also, you have access to local agents. These resources will help you find the insurance plan that meets your needs. Find the policy that best suits your needs, before it’s too late.