Life insurance can be an uncomfortable subject, but it’s a crucial form of protection that can make a huge difference in the financial health of your family.
Why Life Insurance is Important
Life Insurance is extremely important because there are many expenses that remain even after you’re gone. Children’s college, final expenses, mortgages, and other debt that need to be covered for your family to maintain their standard of living. Life Insurance is often called “Family Protection,” because it helps keep the family unit alive financially when tragedy strikes.
When deciding how much life insurance is needed, keep in mind that this is a financial safety net for your family. It’s not meant to cover every potential cost, but rather to help maintain the income you are providing each month.
For example, if you’re the breadwinner of the family with an after-tax salary of $4,000 per month, then consider buying enough life insurance to replace your income for the next 5-10 years. This provides a comfortable cushion for those you leave behind.
Life insurance can also be an investment; whole or universal life policies can build cash value over time, providing a tangible family benefit regardless of whether or not the policy is ever paid out.
If you’re thinking about buying life insurance, you probably have lots of questions. That’s totally normal. We can walk you through your options and help you settle on a policy that provides the protection your family needs at a price you can afford. Life insurance is critical, so don’t wait – click below and let’s get started.
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