[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]It’s true, there seems to always be a new holiday or month to celebrate something. Kind of like Life Insurance Awareness Month (LIAM). But you know what? I am glad Life Happens created LIAM a few years ago, it gives me a great excuse to discuss all the reasons one should have life insurance.
In my opinion, there aren’t many things we do for ourselves and our families that are as important as life insurance.
Now you may be thinking “Life insurance? We need a month for life insurance?” Yes, yes we do! If it means informing people of all the benefits of owning life insurance then I say YES!
So let’s take a look at many of the benefits of having life insurance, in no particular order:
If your loved ones rely on your salary, then your loss will have an enormous effect on them. Not only will they be grieving your loss, they will be trying to figure out how to maintain their current lifestyle without your income. Can you imagine your family having to struggle to make ends meet because there was no life insurance? There are dreams and promises we make our families. Don’t let an unexpected death cause those promises and dreams to go unfulfilled.
Even a simple funeral can be a financial burden on those who remain behind after your passing. Having a life insurance policy in place to cover your funeral expenses and final expenses that may be incurred, will allow your loved ones to focus on their grief and each other rather than worrying about getting a loan, tapping into savings or setting up a fundraiser like GoFundMe. Don’t put your family through that hardship, it is better to be prepared.
Do you have a mortgage? The burden of paying a mortgage on one salary when there used to be two may be impossible for your loved ones. Or perhaps you were the sole income provider paying the mortgage on your family home. Now what? Imagine your family having to sell the family home, change schools, move in with family members. Well with life insurance in place, earmarked to cover the mortgage to keep your family in their home, things can stay relatively stable for them. You worked so hard to give your family a home, don’t let your death be the reason they lose it.
If your spouse decides not to stay in the house, having life insurance in place that will cover the mortgage and everyday expenses while they figure out their next steps will make this stage of their life easier. Imagine the time one might take off from work to recover from your loss. The decrease in income while expenses continue could result in a quick sale and loss of equity. Consider having at least a year’s worth of mortgage and expenses covered by life insurance to allow time for the sale of the house.
Do you have plans for your children to go to college? Does your spouse always dream of going back to school to get a degree? Having sufficient life insurance coverage in place can help keep these plans on track. Don’t let your family’s education dreams end with your death. Imagine the gift of education you can leave behind for your children by having proper life insurance in place.
The loss of a parent can cause enormous hardship on the surviving parent. If the parent who dies was a stay at home parent, the cost of hiring people to care for your child/children can be quite expensive. If you have young children, you will need extensive assistance in caring for that child if you have to return to work. School age children may need before and/or after school care, rides to and from school, sports and events. You may need someone to make meals and watch over homework. The list goes on and on.
Oftentimes people tell me their family will help. Ask yourself, are you prepared to change the course of your parents’ lives? To turn their retirement years into child raising years? Think about that.
Supporting Aging Parents.
If you are responsible for your parents and help support them financially, you should consider having coverage in place to continue their care if they out live you.
The same can be said for dependent siblings. Do you have a special needs brother or sister that you care for? If you were to die unexpectedly or they simply outlive you, you will want to make sure that you can continue the level of care they are used to, even when you are gone.
Are you in business with a partner? Do you have enough life insurance in place to cover your portion of the business debt if you were to die? Don’t leave your partner in a lurch, have a properly written buy-sell agreement and enough life insurance in place to pay off your half of the debt or to buy your half of the business from your surviving spouse or children.
Your Favorite Charity.
No kids? No spouse? No favorite niece or nephew? Maybe you have an organization or cause that is close to your heart. You can leave a sizable contribution to your favorite organization upon your death.
And last but certainly not least…..peace of mind. I always say life insurance is about your needs, your budget and your peace of mind. It is something I think about often. To tell you the truth, it is also about MY peace of mind. The huge amount of relief and peace I feel whenever I help someone get life insurance can not be put into words. It is what keeps me going, day in and day out, helping people protect their family and provide a secure financial future for their loved ones.
Are you looking for life insurance? If so, follow this link to my contact page and request an appointment. I would love to give you the same peace of mind I get every day!