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Do I need life insurance? Posted on : 6th Nov 2009

Imagine what life will be like for your family after your death.  Once you are no longer there to provide an income or do housework and drive the kids around, how will your family cope? Can they maintain their standard of living without your income?  Can they afford to hire someone to take over the household duties you once handled? Will the kids be able to attend college?  Will your spouse be forced to sell the house?  If any of these questions pulled at your heart strings or left you contemplating a less than stellar future for your family, it’s time to think about buying life insurance.

Talking about death and what happens to the survivors can be a very difficult discussion to start.  Once you overcome that emotional hurdle, you will find that the actual act of securing your family’s future financial success is easy.  Begin by answering these four simple questions:

  • Do I need life insurance?  If your income provides for another person or persons, if you have debt, or if the loss of you will create expenses for another person, you need life insurance.

 

  • How much do I need?  The answer to this question using a quick rule of thumb would be 5-15 times your gross annual income (exceptions apply).  Your insurance professional from The Insurance Center will assist you by completing a needs analysis worksheet.  This will personalize the amount that best fits your needs. 
  • What type of life insurance should I buy… term or permanent?    There is no one-policy-fits-all coverage available. Each type of policy has its own benefits and drawbacks:

 

    • Term insurance offers the highest death benefit for the lowest cost but is for a specified length of time, usually from 5 to 30 years. 
    • Permanent insurance (also referred to as Whole Life Insurance) offers lifelong protection (as long as premiums are paid) and tax-deferred savings through an accumulated cash value, but the initial premium is higher than that of term. 

Each of these policies can be structured to support riders that pay additional death benefits for accidental deaths, death of a spouse or child, or pre-death benefits in the event of a terminal illness. Your professional Insurance Center advisor can assist you in wading through all the different options and choosing the best, most affordable policy for you.

  • How do I buy life insurance?  Many workplace benefit packages include an employer sponsored life insurance policy.  Group life insurance is a good place to start but with a group policy, your life insurance needs are placed out of your control and may not have enough benefits to cover all of your needs. The best way to make sure you are getting the policy that best fits your needs is to use a professional advisor like those at The Insurance Center.  Our advisors receive knowledge through continued education, are informed of new laws and regulations on a monthly basis and work by our strict code of ethics. They also have access to the rates and policies of many of the top insurance carriers in your state. 

 

No matter what your situation, chances are you can’t afford not to purchase life insurance to protect your family. Remember, life insurance isn’t for the person who dies--it’s for the loved ones who live.  Providing financial protection for them, when you are no longer around, is a powerful benefit. Call The Insurance Center today and show your family how much you care.

 
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