Your Family Needs Life Insurance

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Your Family Needs Life Insurance

Your family needs you.   However you want to interpret that statement is up to you.  The fact remains the same, your family needs you.

With need comes responsibility.   You are responsible for your family’s needs.  Are you prepared to meet those needs?

Unfortunately only 30% of Americans own a life insurance policy.  Theoretically that would mean that the other 70% don’t see a need.  For your families sake, see the need for life insurance.

Life insurance has one purpose and that is to help you with your financial needs. Everyone has some type of financial need, you and your family are no different.   Wouldn’t you rather be prepared for the needs of your family than not?

Let’s get you prepared.  Let’s review the needs you may have for life insurance and then you can decide if you want to be in the 30% or 70% bracket…or let your family decide.

Your Needs For Life Insurance

Death

  • Your family needs life insurance for your peace of mindIf you die, your family should have enough life insurance coverage to meet most if not all of the financial obligations.
  • You do not need the most expensive life insurance policy available to carry a death benefit.
  • You can buy a term life insurance policy for pennies on the dollar.

Disability

  • If you become disabled, you should have the type of life insurance that pays cash value.
  • You can borrow against the cash value to cover your financial needs.
  • This type of life insurance policy will cost more than a term policy.
  • A cash value life policy can be a whole life insurance policy or a universal life policy.

Debt

  • You can use a term life policy or a cash value life policy to cover debts if you should die.

Mortgage

  • You just need a term life insurance policy to pay off the mortgage in the case of your unexpected death.
  • Unless you want your family to lose your home in the event of your untimely death, you absolutely need enough life insurance to pay off the mortgage.
  • You can buy this policy from the mortgage company or from your own life insurance agent.
  • Mortgage life insurance policies cost much more when purchased from the mortgage company vs a life insurance company direct.
  • A mortgage life policy from a mortgage company can only be used to pay off the mortgage.
  • Your loved ones will have more flexibility with a  life insurance policy purchased from your life insurance company.
  • A life insurance policy from your insurance company does not have to be used to pay off the mortgage.

Car Loans

  • A debt that would need to be satisfied if your family wants to keep the car.
  • You just need a term life insurance policy to have this debt paid off.

Credit Card Balances

  • These can be paid off with a term life insurance policy, you don’t need the more expensive cash value life insurance policy.
  • To keep a good credit score, your family would definitely want to pay off any credit card balances.

Financial Needs

Life insurance policies also have living benefits and can be used to meet your other financial obligations.

Unemployment

  • If you become unemployed, the cash value in a whole life or universal life policy can be used to meet your expenses.

College Funding

  • The cash value of a life policy can meet your child’s college expenses.

Retirement

  • While you are working you can have the cash value of your life policy growing so that when you retire you have a 2nd form of retirement income.

As you can see, your family needs life insurance and so do you.

Life insurance can satisfy financial needs at different times in your life.   Don’t be caught empty-handed, buy enough life insurance to cover your financial needs; your family will greatly appreciate it.

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