It’s About Protecting Your Family
It is not a topic most people like to talk about; but how well is your family protected if something were to happen to you?
How well is your family protected if something were to happen to you?
Life insurance provides the financial support your family will need if you are no longer around to provide for them. Your insurance needs will change as you go through the different stages of life so here are a few pointers to help you determine if it’s time to review and update your policy.
Young and Single
The best time to buy life insurance is when you are young and healthy. The younger you are the lower your premiums will be. Furthermore if you put off buying life insurance you run the risk of not qualifying for insurance due to an unexpected health issue that may arise. When buying life insurance for the first time, remember it is like buying cloths for a young child; a little bigger is better because as life goes on you will eventually grow into your policy.
If something does happen, the money your family will receive can be used to pay off your debts, like a car loan or student loan. If you are lucky enough not to have any debt you can leave the money to your siblings, nieces or nephews.
The Family Years
Young parents with growing children are especially vulnerable because most young families are heavily burdened with debt. Mortgage payments, car loans, day care and educational expenses are only a few of the financial responsibilities people carry in their thirties and forties. At this expensive time of your life using Term Insurance is probably the most economical way to get the amount of coverage you really need to protect your family. The general rule of thumb would be to have 7 -10 times your annual income in the event something where to happen to you or your spouse.
Pre Retirement
Life insurance can provide financial security for you or your spouse should something happen to one of you heading into retirement. It is also an easy way to provide your family with an inheritance if you decide to spend it all.
Life insurance can be used to pay the taxes on your estate once you are both gone, leaving everything else to the ones you love. It would be a shame to give a large portion of your estate to the tax man instead of your family if you didn’t plan properly. You should also take note that upon retirement most group policies expire; if that is where your policy is held, it may be time to replace it.
As you move through life your insurance needs will change, make sure you review your policy at least every 5 years to ensure your family is always protected. I know life insurance can be confusing and the amount of coverage can be hard to determine, so if you need help give me a call, as a fully licensed insurance agent I can answer all your questions.
Insurance sales are not conducted through Security Financial nor are they the business of Security Financial. Insurance sales are conducted through Qualified Financial Services (QFS), a Managing General Agency.