Friday, February 19, 2016

Life Insurance...... How many of us have this?

It can be an uncomfortable subject for some, but it a necessary one. Most everyone hates the thought of dying and leaving their loved ones behind, but the reality is..... we all will die someday.  What you do right now while you are alive plays a major role in what happens when you are gone. Do you want to leave your family in debt trying to pay for funeral cost once you are gone? What about your unpaid bills. What about loved ones that need to be taken care of. We think about these things but why is it that we always find ways to justify not having a life insurance policy. I have heard everything from "Its just too expensive!" to "I just don't believe in life insurance." How we were  raised is a factor in determining our thoughts on life insurance. Also, sometimes- its just the fact that so many people have been misinformed regarding life insurance.
I have heard story after story pertaining to families not being able to bury their loved one and take care of the family once someone is gone. What if the deceased was the breadwinner in the family? What is the plan for providing once they are gone? These are questions that need to be asked...... and answered!
The absolutely best time to purchase life insurance is at a young age when the rates are cheaper. As we age the rates increase and some will find it difficult to make payments on those rising premiums.
If you currently do not have any type of coverage, its time to explore your options. Start by looking at your financial situation and figure out what type of coverage would be best for you. You have many options, but most find term life insurance to be the best value. The issue with term is the fact that it only last for a "term" or a specific time frame.  For instance, you can get a 20 year term policy for a low rate. But after 20 years the rate changes and begins to increase every year thereafter. Also term does not have any cash value. You can go with a whole life policy, but age has a huge impact on your rate. Also men tend to pay more than women. You can even explore the option of combining a term with a whole life and look at converting the partial term to a whole life over time. Also, there are some who have life insurance through their jobs. That's a great option....but are you planning to be at that particular job/position for long term?
There are many options when choosing a policy, and if you don't currently have one- make the time to talk to a financial planner or a life insurance expert sooner than later about starting a policy. In the long run it will benefit you and your family for the best!!!

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