LIFE INSURANCE

 

If you die, what happens to your family? If you’ve got life insurance, you probably

believe they’ll be financially secure. After all, 54% of us have life insurance.

You might be very wrong.

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Almost half of Americans will leave their families in financial distress when they die. It’s not because they aren’t prepared. The most likely reason is because 50% of us with life insurance are underinsured (do not have enough insurance to cover household expenses or debts if they were to die tomorrow).

 

Purchasing life insurance protects your spouse, children, dependents, and loved ones from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps pay off debts, replaces lost income, transfers wealth, and helps to pay any medical or final expenses. Upon your death, your family will receive a specified lump sum of money that is generally tax-free. And it is not uncommon for life insurance proceeds to be the first amount of money your family receives after you pass away.

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What are the steps in the life insurance buying process?

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1. Determine how much life insurance you need

2. Determine how much you can afford to pay

3. Decide what type of policy you need that can help meet your needs

4. Compare different rates and companies

5. Complete the application process

6. Wait for the underwriting results

7. Accept the offer and pay for the policy

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You are never contractually obligated to receive an offer from a life insurance company. You make the final decision on whether you are going to accept the policy and pay for it.

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We are required by law to insure the car we drive. It is typically a wise decision to insure one of our largest investments, our home. A large percentage of us even insure our phones. With all the different items we insure, why would you not want to insure yourself? Life insurance is one of the most selfless gifts you can give to the people you will leave behind if you pass away.

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