Reasons You Need Life Insurance

September is National Life Insurance Month. The family cannot do without life insurance. Being young is the best time to buy life insurance. The younger you are, the less you will pay.

You need life insurance before you need to use it, that is, before you need to use it on your behalf. If you are the main source of income for your family, you must be insured. If your spouse works, they also need life insurance. Are you a business partner? Each partner needs to be insured to cover any loss in the event of his departure from his earthly existence. How much insurance do you need? Ideally, one would need an amount equal to the current debt, the monthly expenses multiplied by 24, the financial needs of the children (under 18 or 26 if they are in school) through secondary education and your spouse for the life expectancy in case they would not be able on work. The former is an ideal target target. Every family situation is unique. If the spouse is also working on the account and needs to change. When family dynamics change, new needs arise while there may be no need to cover other needs. More than a few policies today can be turned into a way to generate income later in life. This income later proves in your life vehicle to be a valuable asset.

Hearing people explain how they and their families fell into poverty after the tragic loss of a loved one made me realize that many people are not protected. Many people do not have enough coverage. Those with a company that offered or subsidized insurance forfeit that insurance when they leave that organization. Some lose their business owner’s life insurance as a result of a merger or complete purchase of the company. Some lose their employer’s life insurance upon retirement.

If employees have invested in life insurance individually, the policy is valid as long as the premiums are paid. Buying life insurance when you are young is the best premium you can get. Some life policies accumulate cash value. Some life policies allow you to take out loans of cash value. Some allow inclusions or “riders” that include double indemnity, long-term care, and home health care add-ons. Some policies easily turn into income-generating vehicles to supplement your retirement income. In some cases it may be the only income.

Selling AH&D (Accident, Health, and Disability) auto loans in the 1970s, 1980s, and 1990s helped more than a few families make ends meet. It was very rewarding to be thanked for making sure it was covered. For those who did take advantage of the extra coverage, it was there when they really needed it.

Today there are plans that can be tailored to the needs of most individuals and families. There are many plans that will fit even the smallest budget. The average funeral cost ranges from $8,000 to $12,000. Cremation is also expensive. average cremation With a commemorative service is $3,250.00 or more. The average direct cremation is $500.00 to $2000.00. Funeral costs are in addition to any medical costs associated with sudden death. Often times, the cost of replacing a financial contribution or counting on a missing person is a value that most don’t have in their account. The spouse staying in the home has a monetary value. Relatives who take care of him have monetary value. If and when the loss of that spouse or caregiver occurs, the cost of replacing their monetary value can be very prohibitive. The cost of replacing their comrades is invaluable. The legal system may take years if settlement is possible. Add children and elderly relatives to the equation and the financial cost required will increase dramatically.

The family cannot do without life insurance. Being young is the best time to buy life insurance. The younger you are, the less you will pay. Securing the premium at a young age is a smart option.

Carla Insurance

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