"Life Insurance, who needs life insurance, I not only don’t have the time to research the options but I don’t have the discretionary income." This is a common statement that life insurance professionals often hear and the ideology that keeps people from getting affordable coverage.
Spending an hour or so with a licensed financial professional may prove to be a very good hour spent. Not only may it give you peace of mind, but it may be the sole decision that keeps your family from losing their home, car and any other possessions you have worked so hard to acquire.
The younger people are the more invincible they feel they are and the less importance placed on a life insurance policy. However, the truth is the younger we are, the healthier we tend to be, and the cheaper the premiums are. In January of 2009 insurance companies were required to use updated mortality tables which benefits both young and old. Since people are living longer this works greatly to our advantage. Premiums for some policies can not only be reasonable but downright cheap, and provide us thousands of dollars in coverage for pennies. Granted you are healthy, life insurance is much too affordable not to have.
Furthermore, when researching the options they can be a little complex, intimidating and time consuming. Life insurance comes in two flavors; temporary and permanent. Temporary, also known as term, provides coverage for a specific time frame. Term is commonly issued in 10,15,20, and even 30 year increments. Term provides a death benefit only and is the cheapest form of insurance you can buy. In addition, we now have the option to have our entire premium refunded to us if we don’t die within that time frame. You can have your cake and eat it too! Although Return of Premium may require a higher premium, if it’s all refunded it will be a moot point. Permanent is s a little more complex and involves higher premium amounts and cash value accumulation can be used for emergencies, additional insurance coverage and even supplemental retirement income. Permanent is designed to never expire like term, and to last your entire life.
Now that you have determined you need life insurance or that you need more, it’s time to decide which type. Below we have provided you an overview of the different types of policies you can purchase for you and your family. After you review your options contact us and we will help you review further and get your new policy started.
In closing, having a life insurance policy or “exit” plan has saved many families from economic and financial hardship. It is hard enough to bear full financial burden for your family when everyone is healthy, it is even harder if that situation arises because of a death.
Eventually you will become a statistic. Let’s make sure you are an insured statistic.
All guarantees are based on the claims paying ability of the insurance company so ratings should be taken into consideration.