September was Life Insurance Awareness Month. There were many articles and campaigns to help families understand the importance of life insurance. We believe the need to increase awareness about life insurance should be a year-round campaign; the value of life insurance for American families is just too significant.
Life insurance answers this critical question “How will my family manage if something happens to me?” Now more than ever, with COVID taking the lives of people across the world every single day, people are reassessing their need for protection. Your life insurance needs to keep up with the changes in your life – maybe you have changed jobs, married, had children, divorced, bought a home, started a business. All of these reasons and more should cause you to review your life insurance needs. Matter of fact – we recommend sitting down once a year and look at the changes that have happened in your life and determine if you need additional, less, or different insurance.
The pain that is felt with an unexpected death is overwhelming. Having the grief compounded by the inability to cover debts, funeral expenses, house payments, or the cost of daily living can be devastating. Having Life Insurance shows your family that you love them and want to make sure they will be okay if something happens to you. Life Insurance is a safeguard for your family; it provides a safety net after losing a loved one, delivering financial support when needed most. While money can never replace a life, it helps to guarantee that your family doesn’t have to struggle to make ends meet.
But life insurance isn’t only there when a death occurs. Permanent Life Insurance is also there when you experience financial hardship. You can borrow against the cash value in your policy for whatever needs you have; to replace income, cover a home repair, buy a new car – whatever you need the money for, it is yours to access, contractually guaranteed with no questions asked.
There are basically two types of life insurance, Term and Permanent. Most people are familiar with Term. The Term tells you how long the policy and premium will be in place – typically 10-20 years. It is affordable (The younger you are, the less it costs), flexible; you decide how much coverage you need and how long you want your coverage to last, and it even gives you the right to convert to a permanent policy in the future. It is simple to understand and is a straightforward application process.
Permanent Life Insurance has many added features, in addition to the death benefit.
- You have coverage for life, as long as you pay your premiums.
- It also has Living benefits – your policy builds cash value and grows tax-deferred.
- You can borrow against the cash value of your policy
- There is tremendous flexibility in how and when you pay your premiums, even letting you skip payments or increase (or decrease) your coverage over time.
Many people find that a combination of both types of plans is the best, most affordable way to cover their needs.
To decide what is the best coverage for you, begin by asking yourself these questions:
- “Would someone suffer financially if I died?”
- “Do I want to leave a lasting legacy to my favorite charity?”
- “What would happen to my business if I were gone?”
Lastly, it is essential to explore how a permanent life insurance policy can play a critical role in your retirement and estate planning.
As you can see, there are many reasons to consider life insurance and to review what you currently own. Buying life insurance is more accessible and less expensive than most people think. The best way to know if you have sufficient coverage or to learn if there is something better for you is to give us a call today at 574-234-1980. Let us help you show your family how much you love them by ensuring you have the proper coverage in place. We offer a free review of all current policies and use our expertise to create a plan that perfectly fits your needs.
