If every person understood what every widower knows, no household would be without life insurance.
It is apparent that people are eager to insure their homes, cars and health but when it comes to their lives they don't give it much thought.
The following information should help in understanding why life insurance is so important:
Most people spend more than a better part of their lives working to provide an adequate lifestyle with the basic necessities, food, hygiene products, electricity, water, gas, etc., for their family.
What happens if you or your partner are not alive to contribute to the daily process of providing the basic necessities for your family?
Life as most know is constantly changing and after the death of a household member survivors are left with several emotional and financial issues.
Obvious economical changes occur when the main financial contributor dies but less obvious changes develop after the death of a partner that does not earn income or earns little income.
Usually the income provider of a family is able to do so because there is someone available to take care of the kids and tend to the daily responsibilities.
It is hard enough on a family that has two care givers or providers but what happens when there is only one?
What about the doctors, dentist and orthodontist appointments? Grocery Shopping? Preparing meals, laundry? Funeral costs are important to mention.
Purchasing life insurance is one of the most important decisions you will ever make.
Purchasing life insurance for children has many benefits. The younger the person at the time the policy is purchased, the less it will cost, per month or year.
A low rate for a future adult is not only a savvy business decision, but with certain policies cash values can be generated. A living cash benefit that can be used in the future for college, vehicles, housing, etc.
A Guaranteed Insurability Rider can be endorsed to most life insurance policies. The endorsement allows an insured to purchase additional insurance coverage at specified periods of time without evidence of insurability.
Adding this endorsement to a policy, usually at a minimal cost, guarantees that no matter what health issues arise in the future the insurance company cannot deny coverage.
How much insurance should be purchased? What kind of policy(s) should be purchased?
Great questions. Most family's circumstances are not the same so those questions are better answered after speaking with your insurance agent.
The most important things to remember are:
- The best policy you can own is the one that is in force at the time of the loss. In other words if the policy is breaking your monthly budget it's too expensive.
- Having an exceptional company is imperative, visit http://www.ambest.com/?source=pinnacle_information_services to view the ratings of several different companies.
- Being prepared is very important, probably one of the biggest decisions a person can make regarding their family's future.
Make sure to call an agent and talk about the options available to you and your family.