Car insurance? Check. Health Insurance? Check. Life Insurance?…..meh, I’ll pass.
If you’re like most people, chances are you have insurance for almost everything in your life, your car, your home, and possibly your cell phone. But what about life insurance?
A study done by LIMRA found that incredibly, only 60% of Americans have life insurance. Pretty shocking when you consider none of us are guaranteed a tomorrow. If you’re one of those 60%, consider this; the average funeral costs between $7000 and $10,000. Think about who in your life will be responsible for covering those costs.
Life insurance is important no matter what stage of life you’re currently in.
When you’re young, it’s hard to imagine the end of your life. You might feel like you’re invincible and you’ve got a long way to go before you need to worry about the end of your life. Life insurance is for old people, right? Right? Wrong.
When you’re just starting out, you need help! You’re trying to build credit while handling average living expenses for the first time in your life. Maybe you have student loan debts that your parents cosigned on? Possibly even car loans?
If you don’t want them to worry about how to cover all those expenses plus funeral costs, it’s smart to have a small term life insurance policy. It could cost you as little as $20 a month (depending on your health, age etc). That’s the cost of a few cups of coffee to give yourself and your family peace of mind.
First of all, congratulations! You’re just beginning your new life together. You’re probably dealing with all the legal forms and wedding thank-you cards, but it’s just as important to have a term life insurance policy.
If the two of you are paying off debt, your sudden passing would mean your new spouse would be stuck footing that bill by themselves. Not to mention funeral expenses. Could you imagine having to deal with the looming threat of paying off a huge debt while in a state of emotional devastation?
It’s not just you anymore! You’re a team, and one of the best things you can do for your spouse is to provide security for them through term life insurance.
Ever since the moment you held your child for the first time, you knew you would do everything within your power to protect them. As a parent, it’s pretty clear why you need life insurance. You want the peace and security of knowing your family will be provided for if something were to happen to you. That college fund you planned on building over 18 years? Who’s going to cover that now? Maybe you’re a two income household, could the other person cover the full expense of the mortgage and bills without your income or would they have to move?
Even if you’re a stay at home parent and you don’t contribute financially, your passing could still cause a huge financial burden. Paying for childcare is extremely expensive. The average cost of childcare in Ohio is $15,888 annually. Trust us, you want and need this peace of mind.
How does life insurance work?
It’s fairly straight forward. You enter into a contract with your policy holder (the life insurance company) and you pay a premium each month to keep the policy valid. In the event that you or your spouse dies, the insurance company will pay the policy amount to the beneficiaries (the person or people you’ve selected to inherit your money).
What types of life insurance are there?
There are basically two different types of life insurance options; those that exist for a predetermined term and those that last through your entire life. These are commonly known as term life insurance and cash value life insurance (sometimes called civil or whole life insurance).
- Term life insurance: provides coverage for a specific amount of time (typically 10, 15, 20 or 30 years.) If you or your spouse passes away at any time during this term, your beneficiaries will receive a payout from the term life insurance policy. This is the more affordable option, because the policy has no cash value until you or your spouse passes away.
- Cash value life insurance (whole life, universal and variable life): lasts throughout your entire lifetime. The premiums on cash value life insurance are generally more expensive because it’s designed to build cash value. Keep in mind that a life insurance policy shouldn’t be an investment or money-making scheme, it’s simply meant to provide security, protection and peace of mind for your family should the unthinkable happen.
Bottom line is, don’t wait. Contact Guy Williams today to get your free life insurance quote in just a few minutes.