You buy life insurance because it is the best way to protect your loved ones. It's a financial decision. It's an emotional decision. But above all, it is about love, care and preparation for the future. And we are committed to helping families protect their loved ones from the financial hardships that many suffer when an unexpected death occurs and there is no life insurance in place.
Did you know that 1 in 3 American households would have immediate problems paying living expenses if the primary wage earner died?
And it's just cost of living … it's not starting to address other future needs like college education, weddings, etc.
We probably all know someone who died without coverage. We have witnessed the heartache of the family struggling financially, often forced to sell real estate and other assets, all because there was no life insurance to pay the expenses.
So why are so many of us sitting here without life insurance coverage?
What is our excuse? We know we need it, we know it would give us peace of mind. And yet we do nothing about it.
We usually find that people do not have life insurance for three primary reasons:
- They fear that it may be too complicated
- They think it is too expensive
- Or sometimes they think it is too difficult to get
And to be fair, life insurance policies can be extremely complicated when it comes to business sales contracts or Key Person Life Insurance business insurances.
But when it comes to covering an individual, the process is much simpler. And depending on factors such as age and health conditions, life insurance can be extremely inexpensive and very easy to obtain.
2 main types of life insurance
. Term Insurance
Term Life Insurance is a type of insurance that is designed to cover you for a certain period of time. For example, the next 10, 20 or 30 years.
You may be asking & # 39; why would I need insurance that does not cover my entire life? & # 39;
The answer is simple: debt.
Most Americans have mortgages, car payments, student loans, credit card balances and other types of debt.
And these debts tend to have a common link: they end on a certain date (provided that periodic payments are made as planned).
Term insurance is designed so that you can purchase a larger coverage for a smaller premium to cover your debt for a limited period of time.
Because coverage is only for a certain period of time, and statistics indicate that it is unlikely that you will die under your policy, it can be extremely inexpensive.
Think of a 40-year-old man who needs a 30-year policy to cover his mortgage and reimburse part of his salary. He could charge a $ 500,000 sighting policy for about $ 2.15 a day.
2. Whole Life
Whole Life Insurance (sometimes called cash life insurance) is a product designed to cover you for the rest of your life, as the name implies.
Your whole life has a fixed premium that you will usually pay until the age of 100, and as long as you continue to pay the premium, the insurance will remain in effect. The entire life policy can serve several purposes.
- They are guaranteed to be there when you pass away (provided you continue to pay the premium) to pay for your funeral expenses
- You can leave money to your family or help with the farm after you pass
- And whole life does not term any insurance: it gets cash value
Cash value is like a savings account that is built inside the insurance from the premiums you pay. Because your whole life has features that term insurance does not (mainly the fact that it never ends as long as you pay the premium), the premium is usually higher.
For the 40-year-old man, a life expectancy of $ 500,000 can cost about $ 14.75 per day. This significant cost increase is mainly due to the fact that when you buy an entire life policy, it is not a question of "if" a claim will be paid when you die, the only question is "when" the claim will be paid.
Curious about which option is best for you?
We often find that customers prefer to have both policies in order to achieve their financial goals.
They can buy Forward Insurance to cover their debts and salary during their years of service. And at the same time, they charge a small Whole Life Policy – $ 50,000 for example – to cover the final costs.
Wondering about the cost of a $ 50,000 Whole Life Policy?
For the same 40-year-old man, it would be about $ 2.00 a day.
The bottom line is, with a little planning and attention to detail, the 40-year-old man can have $ 500,000 in coverage up to age 70 and $ 50,000 of his lifetime that is guaranteed to pay his beneficiaries when he dies, all for less than $ 5 a day.
So if you have loved ones who depend on you, the most important question is: what are you waiting for?
Life insurance is still the most effective and affordable option to insure your love.
Finding the best insurance for your life insurance needs can be confusing consuming and difficult.
But proper insurance coverage is still crucial for pr otect your loved ones. Without it, they are a claim away from being in serious financial difficulties.
And remember that not all policies are the same.
You probably would not go to your eye doctor instead of your dentist if you had a toothache, right? Just because they are both doctors does not mean that they have the same skills.
Exactly the same thing, you need an insurance consultant who understands your individual needs, your financial goals and how to best protect yourself and your loved ones with the right life insurance coverage.
We can help.
We know the life insurance market, we take the time to listen and understand your needs and we work with several insurance companies so that we can deliver the insurance solution that is perfect for you and your budget.
When you trust your insurance advisor, you have more peace of mind knowing that your family will have the financial resources needed, even when disaster strikes.
To get started with your customized solution, contact one of our Licensed Advisors or Request a Proposal and we'll get started right away.