What About Life Insurance Scares You?
Life insurance is a complicated and often spooky topic. After all, you are talking about your potential death. That topic doesn’t make anyone comfortable, but it’s an important discussion worth having. Your family and lifestyle are at risk. So don’t be spooked by life insurance.
What Does Life Insurance Cover?
Life insurance can cover final expenses, income replacement, debt, business loans, college funds, and even charitable donations. Life insurance companies provide many different products that fit these needs.
There’s Whole Life – The most common life insurance policy. This policy covers you for your entire life, and it pays out a predetermined death benefit. This life insurance policy can potentially build up cash value.
Then there’s Term Life – A term policy covers you for a specified amount of time. 10, 15 or 30-year policies. Term insurance policies do not build up cash. Term is the cheapest since the primary benefit is the death benefit.
Finally, there are other policies like Universal life and Index universal life. These policies are similar to a whole life policy in that they have the potential to grow in cash value. The cash-value growth is based on a market index such as the S&P 500 index.
Was That So Spooky?
How Can Not Having Life Insurance Affect You?
Life insurance is critical. You can go from being healthy as a horse, to coffin. There really is no telling how quickly life can go from good to bad. Life insurance guarantees that in the event of your untimely death, your family is taken care of. I understand this is morbid thought but there are other benefits to life insurance.
Not protecting your family and not securing their financial future could lead to them paying thousands for your final expenses. It could lead to them losing their home and even financial ruin.
Just remember that Life Insurance is important, and it could help your family even with you still alive. Give us a call for more information.