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Don't put it off: assess your life insurance



Life insurance is not for the person who dies, it protects the people who live.

Would you think that 1 to 5 families with children under 18 do not have life insurance? As shocking as it can be for many of us, a 201

8 study by LIMRA, a leading insurance and financial service association, found that 3 out of 10 families would be in direct financial trouble if a primary wage were killed. And almost half of the respondents would experience financial hardship in just six months.

LIMRA estimates that 48 percent of US households are underinsured with an average of $ 200,000.

Unfortunately, LIMRA's 2018 survey showed that the most common causes of respondents were not to buy insurance where they mistakenly thought it was too expensive. In fact, the most estimated cost of a $ 250,000 policy for a healthy 30-year-old to three times the actual cost of an average of $ 160 a year – the monthly cost of many common costs. Life insurance prices, especially longevity, have remained at reasonable levels while other daily expenses have increased.

Now, it is an ideal time to rethink how much life insurance you and your family have in effect.

Most people cancel this task for one of two reasons:

  1. The idea of ​​losing a loved one is difficult to handle. It makes people unpleasant to consider a world without that person in it.
  2. They find the task of complicated and stressful.

Let's take up the second part first by allowing many people to decide what type and how much life insurance to buy is complicated. Therefore, it is important to consult a Bolder Insurance Advisor.

An agent can help you consider the right questions. For example:

  • What are your average monthly expenses and how long will they continue? Basic tools (electricity, water, garbage) and common amenities (cable / satellite / streaming services, internet, wireless plans) will always be needed. Mortgage payments, car payments and child expenses, on the other hand, are likely to decrease. Knowing how much of each employee's home salary is used to cover these costs helps determine how much life insurance is needed.
  • What is your timeline? Identify your "high needs" years after examining the ages of all children and their educational or medical needs as well as the number of years left on any loan. Finally, understand that there will always be a need for life insurance for income change, survival benefits, or final costs. A Bolder Insurance Advisor can help build the perfect coverage plan for your family's specific needs.

As for the uncomfortable idea of ​​losing a sweetheart, turn the idea around. Ask yourself, "Will my family survive financially after I'm gone?" If you see life insurance as taking care of your family, you get better perspectives on life insurance.

Remember that life insurance is not for the person who dies it protects the people who live.

Neither Bolder Insurance, Cincinnati Life Insurance Company nor its subsidiaries or representatives offer tax or legal advice. Consult your tax advisor or lawyer about your specific situation. For policy and additional information, speak to a Bolder Insurance Advisor . For a complete account of covers and exclusions, see the policy agreement. All applicants are subject to approval of approval. Products and riders are found in most states.

Blog Compliments by The Cincinnati Insurance Company


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