Each year, September is acknowledged as Life Insurance Awareness Month. Because of this, September is an extra meaningful part of the year in which we make an added focus to spend the time to empower our customers about life insurance. It is financially savvy to own life insurance for yourself, your significant other as well as your children.
Listed here are ten things we think are important to know about life insurance:
1. Buy life insurance coverage while you are younger. Even if you do not have a family, mortgage or greater financial responsibilities yet does not imply that you should hesitate to purchase life insurance coverage. Nail down your life insurance premiums while you are young and healthy. And, you can always add extra insurance coverage later in your life as you need it.
2. A GoFundMe campaign after you are gone won’t derive enough of a fund to look after your minor kids and your surviving spouse. We see this more and more. The question to ask yourself is “Is this the legacy I want to leave behind for my loved ones?”
3. Obtain life insurance coverage on your kids. This is a controversial topic, but if the unthinkable were to happen to them, chances are you would undoubtedly need to take time off to cope and greive.
4. Do not ignore the cost to replace the domestic services contributed by a stay-at-home spouse. Consider the price for ongoing daycare, everyday household support services, etc.
5. In the event that you’re a small-business owner, who will provide financial support for your family in the event of your death? Or, do you own a small business which consists of two or more partners? Life insurance for scenarios such as this is really important.
6. Having permanent life insurance is a smart investment vehicle while you’re alive or dead due to the fact that you get tax-free accessibility to cash values accrued in the policy while you are still living as well as tax-free death benefit proceeds for your loved ones the instant the inevitable occurs.
7. Up until you actually get life insurance, you don’t have coverage. Just thinking about purchasing life insurance is not giving security to your loved ones. You must take action to put life insurance coverage in place.
8. Like most insurance, it is more desirable to hold insurance and not really need it than to be in need of it and not have it.
9. Obtain life insurance coverage when you’re healthy. It’s a lot easier to obtain and less costly. The fact is that you don’t just have the right to buy life insurance coverage. You will have to get approved for it. In case you acquire health problems, you may no longer be eligible to acquire economical insurance coverage.
10. In the event that you have never lost a family member who is truly close to you, then you might not fully understand the emotional hardship along with paralyzing impact that it can certainly cause to surviving loved ones. To be frank, you will likely want and be in need of the ability to take some time off from having to deal with functioning and earning a living. Having life insurance in place on each of your family members in your household is just going to present surviving family members greater possibilities.