Do you have loved ones that depend on you financially?
Have you been laid off from work or working a new job that is paying you a lot less than your previous job?
Do you have assets that can be liquidated to cash?
If you were to die today would your family be financially secure?
Well, if you answered YES to questions 1&2 and answered NO to questions 3&4 then you may need to read this!
The last thing that you as a parent, spouse or breadwinner would want to worry is how to protect your family in the event your death. Some of us don’t want to face such a harsh reality, but it must be taken into consideration.
If you do not have a fund set aside with a substantial amount of money or anything that can be liquidated to cash such as bonds, CD’s or own real estate then in the event of your death your loved ones will have nothing to rely on.
That is why it is important to consider purchasing a term life insurance policy. You should consider purchasing a policy that will pay out benefits for up to 3 times your salary or more. For example, let’s say that you make 40K a year and you multiply that by 3 then that will give you a policy for 120K. Having a policy that pays out 250K would be ideal, but only you know your budget and what you can afford so choose a policy that fits your particular needs.
The last thing that any of us want to do is to be a burden on our family with trying to pay for funeral cost and unpaid bills, and not to mention the financial support needed to take care of the family.
Some policies offer long term disability as well, whereas if you become disabled and are no longer able to work you may be covered and receive coverage. This policy may cost more and carry exclusions, but you can check with your agent or carrier for details on this type of policy.
The bottom line is you want to provide some type of financial cushion for your family in the event of your death of disability. The option to be able to help our loved ones and leave them some sort of financial assistance puts you and your family at ease and provides relief.
For more information on TERM Life Insurance visit:
Selectquote.com
Accuquote.com
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