The Elephant in the Room

Does Anyone Else See It?

Life Insurance for The Ones You Love

by Angela Thomas

February is Insure Your Love across the Nation for Life Insurance. It’s to bring awareness to people about life insurance and what it can do for you. No one wants to talk about life insurance, it’s that great big Elephant in the room. It’s talking about Death and Dying. Everyone wants to talk about Living: births, marriage, college, kids growing up, buying a house or a new job. Life Insurance isn’t just about Death though. There are living benefits available in life insurance policies as well and many people put off buying life insurance for several reasons. Let’s talk about living benefits and some of the reasons people think they don’t need it or postpone it even though they know they should buy it.

The Living Benefits of Life Insurance: Did you know that many policies have what’s known as an accelerated death benefit? This pays the insured (you) up to 80% of the face value of the policy if diagnosed with a terminal illness while alive to pay expenses and help with care still leaving some funds available for loved ones or to beneficiaries when you die. There is also a new rider available for chronic conditions that will pay you while alive for up to 50-60% of the insured’s care of the face value of the policy leaving the beneficiaries with funds as well but still allowing you to have funds. Some policies, whole life, universal life, and variable life have a cash value loan that you can take out against the policy to purchase a home, put towards college and other needs while alive.

Reasons people delay or put off purchasing life insurance is they think they have plenty of time. People think they have until tomorrow. Tomorrow comes quicker than you think then your family struggles to pay mortgages, funeral costs, and necessities. The reality is life insurance is cheaper now than it ever was because people live longer and healthier lives, even with chronic conditions.

Many think they have plenty of assets to leave loved ones, when in reality they may not. Life insurance is not taxable in the State of Florida, keep in mind that in some states depending on if it is group life insurance and/or other variables that may not be true. Life Insurance can be used to pay estate taxes, give your family a head start for the future, and help with the loss of income.

People don’t understand life insurance, the process is confusing, they have it through work and think that is enough or a whole lot of other reasons and continue to put it off. They sometimes bought life insurance a long time ago and never reviewed it since then. So instead of continuing the confusion, we are here for you at Thomas and Associates to help you with the process and answer your questions. This month to help Insure Your Love or give to your favorite Charity, give us a call, or come on by, we will help you figure it out. Follow us on Facebook or continue to read our blog we will be posting more articles and continue to give you more information throughout the month of February.