February is Insure Your Love month, promoted by www.lifehappens.org. Many people know they need life insurance, but aren’t aware of how affordable a policy really is for their needs. A good agent, will help you build a plan based on what is commonly called a Needs Analysis. It looks at your current income, household size, what current expenses are, among other things and then figure out what types of policies will benefit you and your family. There are many types of polices available: term, whole life, combined life, universal life, guaranteed issue, and final expense. Talk to an agent, to see what works best for you.
43% (Forty-three percent) of Americans know they would feel a financial impact within 6 months if the primary wage earner dies. 54% (Fifty-four percent) of Americans know they need life insurance, but say it is unlikely they will purchase coverage in the next 12 months. Every time, this is put off the greater chances are that the unforeseeable will happen to you and your family.
Where would you be without life insurance?
Another important thing to consider when buying coverage is the non-primary bread winner, i.e. the stay-at-home parent. How much would child care cost if there wasn’t someone home to look after the house and kids?
No one wants to lose their children, but it happens every day. The cost of burial and unexpected loss can be challenging, on most polices you can put a child-rider that covers the children of the household if something unfortunate happens. Plus, the benefit of this policy is once the child is an adult the policy can be converted to a permanent policy. This is very important to give your child a head start in life.
Most people buy life insurance to cover burial expenses and other final expenses, help replace lost income, help pay off the mortgage, transfer wealth, leave an inheritance. All of these protect loved ones from financial stress. All life insurances policies offered through Thomas & Associates include an accelerated benefit rider that allows you to access 75% of the death benefit amount if you are diagnosed with a terminal illness.