Life insurance is non-negotiable as far as I am concerned – both as a consumer and as an agent. There is no such thing as too soon for getting life insurance – only too late. This could be because the intended insured has died, but it can also be because the intended insured has a health condition that makes them uninsurable. It is crucial to not put it off until ‘later’. The sooner you apply for life insurance, the greater the opportunity to lock in lower rates.
I have had first-hand experiences with the value of life insurance as a survivor of an insured and a non-insured. Through these experiences I learned the realities of the lack of life insurance as well as the lack of enough life insurance. There are bills to pay for the deceased, but there is also a fair amount of expenses (fees and time spent off work) to the survivors to address the business side of someone’s estate. Don’t underestimate these details!
Life insurance often has its greatest impact when the insured passes away and funds are paid to the grieving beneficiaries. But it is important to know that some forms of life insurance have several other benefits even while the insured is still alive. There are various types of life insurance to meet various needs; it is not one-size-fits-all. And life insurance is also an important consideration to one’s retirement planning.
What are some of the basic considerations that come into play when assessing one’s need for life insurance?
- Debts the deceased insured would have paid: mortgage, loans, tuition, planned future expenses/purchases [his/her income is no longer available],
- Maintaining lifestyle for survivors: hiring help or counseling, time off for grieving, staying home with children,
- Long term benefits for loved ones or philanthropic interests; build in your wish list for when you are not there.
- Addressing the broad need for Long Term Care
We all must face the fact that life insurance is not an “If” conversation, it is truly a “When” conversation. Securing life insurance and getting your “affairs in order” is a kindness to those left behind; don’t wait and risk being “too late”!
As a health and life insurance agent, it is a privilege to help clients prepare and establish an immense peace of mind for them and their loved ones through life insurance products and helping you get your “affairs in order.” Let’s get started today!