September was Life Insurance Awareness month. Most people don’t think about life insurance until they marry, have children, adopt and for some, until it’s too late. There are different types of life insurance. There are term policies and cash value policies. Many times the reason people don’t look into life insurance is because of the cost. They feel like they have bills or other priorities and they will look into life insurance later. There are people who have life insurance as part of their benefit package at their workplace, but what if you were to lose that job? Sometimes those policies are transferable, but in a job loss you may not continue the policy as you will have to now make the payments.
Term life insurance is reasonable and flexible. You choose the length of time you would like to carry the policy 10,15,20, 25 years and how much coverage you will need.
There are so many things to consider before choosing a policy. First you have to decide who will be my beneficiary? That will depend on who relies on you and your income – a spouse, children? What would their needs be if I die unexpectedly? Would they need to pay off the mortgage? Would they need money to supplement my spouses income? Am I currently the sole provider? Am I a stay at home mom/dad? Would there be child care expenses? How would future education costs be covered? How would my funeral expenses be paid? Yes, even a stay at home mom/dad needs life insurance. If you add up all the hours they put in and all of their duties…their salary would be well over $100,000 a year.
Clearly the best time to get life insurance is when you are young and healthy. That is when you will get the best rate. The most beneficial part of life insurance is the piece of mind knowing your family is protected. We all hear stories about people who lose their spouse at a young age and have small children. That should be our wake up call to research life insurance today and find a way to fit it into our budget. Once you make the decision to purchase life insurance the process is simple and an agent can walk you through all the steps.
Your agent can price out various terms as well as coverage, so you can find a policy that fits your needs and your budget. Freedom Insurance Group Inc. currently writes life insurance through The Hartford and Grange Insurance companies. Go to our website and click on http://freedom4insurance.com/life-insurance.html to find out how easy it is to get life insurance, or call 215-673-0300.
