You’ve worked hard to establish a comfortable home and lifestyle for your family. So why not protect it? If you have a growing family and want to provide for them in the event you die prematurely, you’ll want to consider purchasing life insurance.
And term life insurance can be one of the most economical ways to provide that protection for your family.
Term life insurance is considered a “pure” insurance product in that it does not build cash values – it provides a specific benefit for a specific period of time. Some term life products also offer additional benefits, including provisions for unemployment and residential damage, and an accelerated death benefit – meaning that most of the death benefit is paid to you upon diagnosis of an illness if your life expectancy is determined to be 24 months or less.
But the most important reason to purchase term life insurance is to provide your family with financial peace of mind . . . the money to preserve their way of life in the event you no longer are around to provide for them.
Do I Need Life Insurance?
You are not the first person to question whether you need life insurance, or ask whether you have enough coverage. Following are five common questions about the need for adequate protection:
- Why is life insurance important? Life insurance is the best way to protect against financial hardship caused by the premature death of a primary wage earner. Americans with other sources of financial assets or income expect to use life insurance to help pay bills and to maintain their lifestyles if the primary wage earner dies.
- I have life insurance with my employer. Isn’t that enough? No, it probably isn’t enough. Coverage through your employer is typically limited to one year’s salary and chances are great that you’re underinsured. Can one year’s salary, paid in a lump sum, take care of the bills and give your family the time they need to recover?
- What does it mean to be prepared if the primary wage earner dies? In this regard, “being prepared” means a family has the money to take care of funeral expenses, monthly bills, etc., if the wage earner dies. If your family relies on your steady paycheck every month, life insurance can help provide the financial resources needed so they can get back on their feet.
- I don’t think I have enough money to buy life insurance. Is it expensive? There are various forms of life insurance, all of which can be affordable depending on your needs. The first step is to ask an insurance representative for a no-obligation quote.
- I see the need for life insurance, but where do I begin? Simple. Just ask an insurance representative for a no-obligation quote and to discuss your life insurance options. A financial professional can also periodically review the terms, provisions and options of your life policies.
Term life insurance can be an affordable way to give your family one of the greatest gifts possible – the peace of mind knowing that if something should happen to you, the money will be there . . . to protect your family’s home, your family’s way of life, your family’s future.
Contact a professional insurance agent today to review your financial protection needs.
- Grant Barra
Grant M. Barra, LUTCF, CLF®
Connect with me at http://www.linkedin.com/in/gbarra
