Reasons why you need life insurance

September is National Life Insurance Month. A family can’t really 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 it must be used, that is, before it must be used on your behalf. If you are the main source of income for your family, you must be insured. If your spouse works, you also need life insurance. Are you a member of a company? Each partner must be insured to cover any loss in the inopportune event that he has left his earthly presence. How much insurance do you need? Ideally, one needs an amount equal to current debt, monthly expenses times 24, financial needs of children (under 18 or 26 if they are in school) up to high school education and their spouse for their entire expected life in case they do. not being able to work. The first is an ideal goal. Each family situation is unique. If the spouse also works the computation and needs to change. When family dynamics change, new needs arise while others no longer need to be met. Today, more than a few policies can be converted into an income-generating vehicle in the future. That income later in your life vehicle proves to be a valuable asset.

Hearing people explain how they and their families were catapulted into poverty after the tragic loss of a loved one made me realize that too many people are not protected. Many people do not have enough coverage. Those who have insurance provided or subsidized by the company lose that insurance when they leave that organization. Some lose their employer life insurance as a result of a business merger or purchase. Some lose their employer life insurance when they retire.

If the employees had invested in life insurance individually, the policy is active as long as the premiums are paid. Buying life insurance when you are young is the best premium you can get. Some life policies have cash value. Some life policies allow you to borrow on cash value. Some allow inclusions or “Riders” that include additions for double indemnity, long-term care, and home health care. Some policies easily become income-generating vehicles to supplement your retirement income. In some cases, it may be the only income.

The sale of AH&D (accident, health and disability) coupled with auto loans in the 1970s, 1980s and 1990s helped more than a few families make ends meet. It was very gratifying to be thanked for making sure they were covered. For those who benefited from the added coverage, it was in place 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 fit even the tightest budget. The average cost of the funeral is between $ 8,000.00 and $ 12,000.00. Cremation is also expensive. Average Cremation with a memorial service is $ 3,250.00 and up. Average direct cremation is $ 500.00 to $ 2,000.00. Funeral costs add to the medical costs associated with a sudden death. Many times the cost of replacing the financial contribution or dependency on a loss has a value that most do not match in their calculations. A stay-at-home spouse has a monetary value. A relative who is a caregiver has a monetary value. If the loss of that spouse or caregiver occurs, the cost of replacing their monetary value can be quite high. The cost of replacing your company is priceless. The legal system can take years if there is a possibility of reaching an agreement. Add children and the elderly relative to the equation and the necessary financial cost increases substantially.

A family can’t really do without life insurance. Being young is really the best time to buy life insurance. The younger you are, the less you will pay. Blocking a premium at an early age is a smart choice.

Carla J insurance

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