As an insurance broker, I am asked a lot about whether or not Life Insurance is worth having. Because Insurance in general, and Life Insurance specifically, is not always explained properly, many people don’t really understand why Life Insurance is needed or what it’s purpose is exactly. While I will not be getting into the nuts and bolts of Life Insurance with this post (that post will come later), I would like to show you a few reasons why you should consider Life Insurance as a part of your financial portfolio that you may not have thought about before:
1.) Death is Expensive.
It is NOT cheap to die. I know that sounds a little morbid, but the fact is that the average cost of a funeral, including burial, for our loved one’s is about $15,000. Yeah, that read FIFTEEN THOUSAND DOLLARS!!! That is a LOT of money for someone morning the passing of a husband, wife, mom, dad, child, or other family member.
Having the right amount of Life Insurance helps to alleviate the costs of saying your final goodbyes to those you love.
2.) Allows for those whom you leave behind to transition into a new chapter in life.
Let’s be honest. When a loved one passes on, it means a chapter in our life has ended. For those with families, children, mortgages, car payments, debt, bills, etc. left behind, it means many times that the primary “bread winner” is no longer in the picture. This can make for a very stressful and difficult situation as the loved one left behind now has to figure out how to pay the mortgage, send the kids to school, pay the bills, support the family, etc all WITHOUT the help or financial support of the one that is gone.
That is difficult.
Th BEST solution to that is having the right amount of Life Insurance in the event of your death that will make the transition of life without you as smooth as possible. Life Insurance is a cost effective way to pay off a mortgage and any debt that you might leave behind should you die. I HIGHLY recommend this as it allows those you leave behind the time and chance to grieve and not worry if the house will be foreclosed on or the debt collector will be knocking on the door.
3.) It builds an instant estate.
Ok, so having Life Insurance won’t build you a house in the French Rivera, but it will allow your loved ones to have an instant estate upon your death. This helps pay off mortgages, debt, send kids to college, etc while the remaining loved one figures out how to move on. Like I said above the ability to leave something behind that will allow family members time to grieve and figure out how to move on with life is a HUGE part of having Life Insurance in your financial portfolio. While you may not become a billionaire by having it, your family with be thankful for it in the days, weeks, months, and years after your death.
4.) Helps business to continue after the death of a partner.
Life Insurance can help a business continue operating after the death of one of the partners or key employees. Most small businesses don’t think about having Life Insurance for a partner or key employee, but having it in the event of their death could allow the other partner to buy out the parter that passed or help with training an maintaining clients in the event of the key employee’s death.
Life Insurance should be a key ingredient in everyone’s financial portfolio but especially those with husbands, wives, children, partners in business, those with debt, mortgages, and those looking to help soften the blow of a loved one’s passing. While it can never replace the one lost, it does help those left behind to move on with less stress and burden, and allows those left behind the time to figure out how to continue with the next chapter of life.
If you want to talk about Life Insurance or have questions on what type of Life Insurance you should get contact me: Shawn Wilson 225-266-4573 or firstname.lastname@example.org
I am here to help you get the coverage you need at the price that fits your budget!!
Until next time.