The end of the year is usually a time when most of us assess our lives in a manner to plan and set goals for the new year. On top of any new year’s resolutions you may have, it would be important to include securing life insurance if you don’t already have a policy. If you have one, I would suggest having a dialog with the people you care about and informing them of the importance and benefits of life insurance.
Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured passes away. I have maintained a life insurance license for over a decade now. I have worked for numerous insurance companies and truly believe in the peace of mind life insurance provides. Life insurance is a tool that provides your loved ones with some security when you are no longer here.
I encourage everyone to purchase and maintain a private life insurance policy. I advocate for private life insurance policies because those provided by an employer do not follow you when that relationship severs. Factors that make up a life insurance premium or cost, are age, avocation, vocation, and health, among others. Since those factors may change regularly, it is important to secure and maintain a life insurance policy with a sense of urgency. You may opt-in to making quarterly payments or having the premiums deducted automatically from a bank account on a schedule that suits you for added peace of mind.
There are various types of life insurance policies. They fit into three categories: term, whole, and universal life insurance. Your licensed insurance agent would be a trusted advisor in answering questions or concerns you may have. You may also decide to create “what if” scenarios to better understand which life insurance policy would be best for you and your family long-term. Having a life insurance policy bundled with your auto and/or home/renter’s insurance may yield additional discounts.
It makes me cringe and sad when I see a GoFundMe fundraising request to aid in planning for a funeral. An active life insurance policy would have helped make planning for the funeral seamless and one less stressful element of the grieving process. I do understand there are plenty of cases where a GoFundMe is useful and necessary but the principle still remains.
What are some benefits of having life insurance that you value the most?
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-Love
