When is the last time you thought about life insurance? Here in the tranquility of West Palm Beach, life insurance might be the last thing on your mind, but life insurance is an important part of planning for the future, no matter your stage in life. Here are some important things about insurance you need to know:
Life Insurance Is Important, Even for the Young and Single.
Do you have student loans or other debts? Life insurance will help your loved ones pay off these debts if something happens to you. Additionally, youth makes life insurance very inexpensive. The right life insurance policy can be a great way to get you started planning for the future.
Even Stay-at-Home Parents Need Life Insurance.
Just because you don’t earn any income does not mean you don’t contribute financially to your family. If you were gone, your family would need to hire out some of the jobs you do, like child care, cooking, and home maintenance, just to name a few. Life insurance will help your family cover those expenses, as they will be substantial. Your spouse might also need to take time off from work, and life insurance will help cover the cost of that as well, allowing your loved ones to take the time they need to adjust to life without you.
Life Insurance You Get from Your employer Is Not Sufficient.
It might be, but likely not. First of all, your employer-paid policy is not portable, so you will lose it in the event you switch jobs. Secondly, that policy is not made to fit you and your needs and, as a result, may not offer sufficient coverage for your family. And lastly, employee life insurance is generally a term policy, meaning it only covers you for a specific period of time, typically the time of your employment with the company. Once you leave the company, even for retirement, you may no long be covered. Purchasing life insurance once you retire will be considerably more expensive, so it is good sense to purchase your own policy early on that will cover what you need and last as long as you need it.
Life Insurance Proceeds Are Tax Free.
Life insurance provides your family with tax-free money to use to pay off debts, cover burial and funeral expenses, and to replace your financial contribution to the family.
You Need Life Insurance Even after Your Children Are Grown.
Life insurance helps cover a multitude of expenses, not just the costs of raising a family. A good life insurance policy will help your family cover final costs and pay for any debts you leave behind. Life insurance benefits can even be used to pay high estate taxes and allow you to leave your descendants with an inheritance.
Life Insurance Is Affordable.
Life insurance is affordable for most people. You can start with a simple policy that fits comfortably within your budget now, and then increase your coverage as your budget grows. With all the many insurance options available, you are sure to find a policy to fit your needs and your pocketbook. The earlier you start, the more affordable life insurance will be.