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Life and Health


By December 1, 2011No Comments

Although death is something that everyone must face eventually, most people are comfortable talking about it. However, it’s important to make plans to ensure that loved ones who are left behind will be taken care of. In the past, most people relied on Life insurance coverage from employers but neglected to buy their own coverage if they lost their jobs. When people lose their jobs, they lose coverage provided by their employers. Since so many people have lost their jobs in the past decade, the issue of adequate Life insurance has become even more important. In addition to this, many employers have eliminated or cut their Life insurance coverage to save money. Purchasing Life insurance earlier in life is important. As people age, the amount of money required for sufficient coverage increases.

There are several reasons why it’s important to have sufficient Life insurance. The main reason for purchasing this coverage is to ensure that spouses, children or other living relatives have the money they’ll need to survive on and pay for final expenses. Losing an entire income, whether it is the main or supporting income, can cause serious financial difficulties for the surviving spouse. If there are dependent children, they will also be affected. Leaving enough money to replace income will greatly reduce the stress of worrying about finances that surviving family members would otherwise experience. In addition to providing enough money to cover living expenses, it’s also helpful for individuals to ensure that there is enough money to pay for final disposition.

When deciding how much Life insurance coverage to buy, it’s also important to decide how the money will be distributed. Some people choose a lump sum, and some people choose monthly payments. Each person’s situation is unique, so it’s important to choose a plan that fits individual needs. Life insurance can also be used to give surviving children a good start in life. Parents can choose to leave enough money for their children to attend college. The costs of education are rising continually. Although Life coverage doesn’t have to cover 100% of education costs, any amount that contributes is less money that children or a surviving spouse have to pay toward the total bill.

Another option is to leave a lump sum of money to children entering adulthood. The sum might be paid toward student loan debt, a down payment for a property or for the cost of starting a business. Another choice people have for Life insurance is to leave enough to impact their community positively. Every person has values and views that are important to them. Using Life insurance funds as charitable gifts is a good way to leave behind a legacy that supports individual values. It’s often difficult to set aside such money while living. However, for a small investment amount, large sums of money can be distributed after death. The overall idea is that the importance of Life insurance is too crucial to neglect purchasing it. Life insurance benefits outweigh the costs substantially. Contact one of our agents to discuss what options are available to ensure that loved ones are protected.