Life insurance is one of those topics that many people I’ve come across don’t want to talk about. It’s the initial thought of the idea of dying that makes some uncomfortable. Reality is more and more people are understanding the importance of life insurances. We have the pandemic to thank for that. So many lost family members and friends and had no way to pay for their final expenses or burial. Just within my own family I saw this happen firsthand. It’s no fun having to raise money for burial costs since it’s unlikely the full amount would be raised in a short amount of time.
So, the question remains… Do you need life insurances? Probably so! Take a married couple for example: Sally and Joe, married with 4 kids under 18 years of age. Sally has a salary of $50,000. Joe has a salary of $75,000. A combined income of $ 125,000. Take $125,000/12 months and it brings them to $10,416.66 per month before taxes. Their monthly bills and living expenses are $6,000. If Joe passes away, Sally’s income would only be able to cover a fraction of the bills. Sally could be faced with losing the home to foreclosure or forced to sell her family home where her kids are being raised. Adding to the stress of losing her dear husband Joe, she has unthinkable debt to face and unable to greave without worry. This is about 46% of the United States. According to Insurance information Institute, in 2020 54% of Americans had some sort of life Insurance.
If you are having doubts about life insurances, you are not alone. Some see it as an unnecessary expense until the worse happens. Think of this way, we can’t drive our car without car insurance because it’s the insurance that protects our family financially in a car accident. This insurance pays for bodily injury, car replacement, medical bills, and loss of income. Life insurance does the same, except after death! We work everyday to provide for our families. When we are gone, our life insurance policy takes our place and goes to work for us. No one should go without it!
There are all types of life insurances to protect families. There is term-life, whole-life, final expense, mortgage protection (pays remaining mortgage upon death), and universal life insurance. One of my main focuses as an agent is protecting families at a cost they can afford. When income increases, clients can always up their policy to a higher face value. Until then, I recommend starting small. Some coverage is better than none at all. I you are having doubts because you’re afraid it’s too expensive, call me! In 15 minutes or less, I can match you with a plan you qualify for at a price that fits your monthly budget.
