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Life insurance can cover your family at all stages



Time travel. It’s the only way to explain how the years disappeared. In an instant, a carefree teenager turned into an adult with a house, a committed partner, and a family.

Do not worry! From piles of diapers to mortgage payments, life insurance can cover your family through every step.

If you are not there to support your loved ones, life insurance can take care of:

  • House payments
  • Tool
  • Home maintenance
  • Child care
  • Car payments
  • Higher education
  • School materials
  • And more!

A closer look at the family’s life cycle


CS Mott Children̵

7;s Hospital says that the family life cycle has five distinct stages:

  1. Independent
  2. Coupling or marriage
  3. Parenting: Infants to Teens
  4. Launch of adult children
  5. Retirement or senior year

Do you live in stage three or are you approaching stage four? Let’s talk about life insurance and how it can help everyone who is dependent on you.


How your home costs in total


The balance sheet states that the average monthly mortgage payment falls somewhere between $ 1,022 and $ 1,505. You spend the money on home maintenance as well.

The cost of maintaining your home depends on:

  • Where you live and the weather in your area
  • The age of your house
  • How many pets do you have:
  • You may need to change the filter and carpet more often.
  • How many children do you have:
  • Children have been known to paint on walls and throw baseballs through windows.

You need to keep the electricity, water and other tools running as well.

Move.org says average energy costs in the US a total of $ 398.24 per month:

  • El: $ 110.76
  • Natural gas: $ 72.10
  • Water: $ 70.39
  • Rubbish / recycling: $ 14
  • Internet: $ 60
  • Cable TV: $ 85

Have you done the mental math? Or do you have these sums saved in a spreadsheet?

However, life insurance can cover mortgage payments, monthly maintenance costs and utilities.

A big understatement: Childcare is expensive


According to Child Aware of America, child care costs more than college education in 28 states. Their study includes center-based kindergarten and family-based care.

Over 70% of families spend more than 10% of their income on children, according to Care.com 2019 Cost of Care Survey

We release the statistics for a second. Think about what your family would do without you. It’s probably something you do not like to dwell on.

This is where life insurance comes in. It helps your loved ones pay for ongoing education and development, whether it is kindergarten or college.

The university will not be cheaper


Speaking of college, have you paid off student loans? Will you pay part of the bill for your children’s college education?

Forbes says that the cost of going to university has increased almost eight times faster than the salary increase between 1989 and 2016.

Do not bet that tuition and fees will drop anytime soon.

College Board College Pricing Report shows the annual costs for four-year universities:

  • Average state tuition and fees for the public four-year sector: $ 21,950
  • Average out-of-state tuition and fees for the four-year public sector: $ 26,820
  • Average tuition and fees for private four-year institutions: $ 36,880

You can let your children apply for each scholarship or tell them that FAFSA is their best friend. But should you have a backup plan?

Life insurance can obliterate student loan debts. Your coverage amount can also cover college fees and fees.

What about the business school?


College is not for everyone.

The School of Business offers lower education and more job-specific education. In addition, most of their programs take less time to complete.

Business school degrees can lead to the following careers:

  • Welder
  • Chef
  • Graphic designer
  • Plumber
  • Electrician

Still, the average business school costs $ 33,000, according to Hub & Spoke.

You probably know what we’ll say next. You guessed it! Life insurance can help pay for business school.

From clunkers to luxury vehicles


Do not confuse a car payment with the total cost of owning a vehicle. Nerdwallet says that $ 8,649 is the average cost of ownership of vehicles running 15,000 miles per year.

Even if your kids run family hand-me-downs, someone has to pay for:

  • Gas
  • Registration and fees
  • Car insurance
  • Oil changes and maintenance

Your family fleet may have a higher price tag than you thought, but life insurance can cover the cost of vehicle ownership.

End the chapter: Your final expenses


When you’re gone, you’re gone. How do you want to be remembered?

You can cover all your final expenses with life insurance.

Here are average prices for traditional and cremation funerals from 2017 National Funeral Directors Association (NFDA) report:

  • Non-deductible basic service fee: $ 2,100
  • Removal and transfer of remains to funeral home: $ 325
  • Embalming Services: $ 725
  • Other body preparation: $ 250
  • Use of facilities and staff during viewing: 425 USD
  • Use of premises and staff during funeral: $ 500
  • Reclining car: $ 325
  • Car or van services: $ 150
  • Basic memorial printed material: $ 160

These expenses amount to $ 4,960.

Now let’s take a quick look at the average price differences between cremation and a traditional funeral.

Cremation:

  • Cremation fee (if using a third party): $ 350
  • Cremation Box: $ 1,000
  • Urna: $ 275

Traditional:

  • Metal box: $ 2,400
  • Cemetery Vault: $ 1,395

The average cremation costs $ 6,585, while the average traditional burial with a vault costs $ 8,755.

Variations in the family life cycle


Everyone follows different paths in the family’s life cycle. Sometimes relationships do not work. You can adopt a child or become a foster parent.

No matter which road you drive along, life insurance follows you and your loved ones through every turn and turn.

Your next steps


Your local, licensed Beijing Insurance Agent can tell you more about life insurance.

They will work to find an affordable plan based on what you want to take care of after you pass away.

Contact a Pekin insurance agent if you do not have life insurance or do not think you have enough.




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