How can life insurance help protect my family?

Life Insurance

Life Insurance

Life insurance can help protect your family members when they suffer the loss of a breadwinner or stay-at-home parent. Life insurance allows a family to help maintain its standard of living by providing income-tax-free money to help pay for funeral expenses, pay off the mortgage, set aside college tuition for the kids and help provide financial peace of mind after the loss of a loved one.
Thirty-one percent of Americans now say they are more likely to buy Life Insurance up from just 11% in 2011. However a common misconception around life insurance affordability persists. The majority  of people overestimate the cost of life insurance by as much as three times the actual cost . The misconception, combined with the tendency to prioritize other  financial needs, leaves too many families vulnerable to financial hardship if a loved one unexpectedly passes away.
Of the two main types of life insurance- term and permanent- term insurance can be an attractive option to many due to its affordability. With the help of term life insurance, families can afford to make sure they will be able to maintain their lifestyle and keep their dreams within reach even if a family wage earner dies.
Greater accessibility and speed make buying term life insurance easier today than it was in the past . Term Life Insurance can be a central pillar to a long term financial plan. It can lock in your insurability- the ability to qualify for life insurance- at the same time it locks in affordable death benefit protection for set period of time.  A closer look at locking in future insurability with a term life insurance policy reveals significant  benefits.

Term Life Insurance

Protection through health changes. As people age, they are more likely to develop health problems that could make life insurance more expensive or disqualifying. Many term life insurance policies have a conversion feature, which allows  a policyholder to convert their term life policy to a permanent policy  before it expires without a medical exam. This ability to lock in insurability  is advantageous given the many health changes you might experience throughout your life.

Life Insurance protection through job changes. Ten percent of workers lost employer provided life insurance coverage as a result of job loss from the pandemic. Even those with employer provided group coverage often overlook the employee paid  plans during open enrollment., leaving them with inadequate life insurance protection. While it is ideal to have a combination of coverage individually and through your employer, term insurance offers higher levels of coverage and more stability during employment disruptions.

Protection against debt and final expenses  Families are currently carrying 14.35 trillion in mortgage and non mortgage debt. Life insurance can help your loved ones pay off debts while maintaining their lifestyle and forging ahead in pursuit of their hopes and dreams.  We represent many A Rated Life Insurance companies, let us help you plan for your life insurance needs.  We can provide many quotes through several companies and help you select the best life insurance option .




About Mike Watts

Mike Watts is an independent insurance agent in Louisville KY