Life insurance is a topic of conversation that is often avoided; however, we feel that it would be a disservice to our clients if we didn’t mention the importance of life insurance. We know hundreds of families that have been touched by tragedy with the loss of a loved one, but were protected financially by having made the decision to invest in life insurance. After sitting down with an agent who has your best interests at heart, you may find that a life insurance policy can help to protect your family, dependents, business, and legacy in the event of your passing.
There are many reasons to consider life insurance:
- You work hard to provide for your loved ones, and it is equally important to consider financial support for the future living costs of surviving dependents. Your loved ones will need to pay the mortgage, utility bills, college costs, and other expenses. Life insurance provides tax-free cash to cover these costs, as well as estate and death duties.
- Funeral expenses can run as high as $10,000. The process of arranging a funeral can be a difficult undertaking for your loved ones and life insurance covers these expenses without financial hardship or further stress.
- Businesses need life insurance too. Key person insurance is life insurance on a key employee, partner, or proprietor on whom the continued successful operation of a business depends. The business is the beneficiary under the policy and the cash will help provide stability after the death of a key person.
- Life insurance can serve as an investment tool. Variable life policies allow investments in stocks, bonds, and mutual funds. You can accumulate cash for when you no longer have disposable income to pay the premiums. It can also supplement your retirement.
- The beneficiary of your policy can be your favorite charity or cause. Your lasting gift may be greater than you would otherwise set aside for donation.
Major life events such as the purchase of a new home, marriage, birth or adoption of a child, or a new job are good times for an insurance review. Take a moment to ask your insurance agent these four key questions:
- How does life insurance work?
- What types of life insurance are available—what is the difference between term, permanent, and variable life insurance?
- When is the right time to buy life insurance?
- How much life insurance do I need?
No amount of money will replace a person’s life. Life insurance protects your loved ones from the uncertainties of life and can provide you and your family with peace of mind. If you would like to learn more about life insurance products to protect your assets and loved ones, talk to your United Insurance agent