Life Insurance

What is the one thing you need, and can never have too much of? Yes, life insurance.

When you are young, this may be the furthest thing from your mind. However, as you age, it becomes the most important tool in your life. Whether provided by your employer or purchased independently, it is a form of protection for you and your family.

With the cost of burial today well exceeding well over $5000, you cannot depend on social security benefits to cover this cost. Therefore, life insurance provides cash, immediately following death, for unpaid bills, taxes and other obligations. It provides funds for your living spouse; can be used to allocate funds for your children’s education; provides retirement income, and supplements income if your earnings are depleted through accidents or medical expenses. If you have no other assets to pass on to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

There are various forms of insurance which can meet your every need. Term life insurance enables you to match the length of the term policy to the length of the need. A term life insurance quote is available depending upon certain criteria. A life insurance settlement allows a life insurance policy owner to sell an existing policy to a financial institution in exchange for an immediate lump sum cash settlement. Whole life insurance protects you for your whole life, from the day you purchase the policy until you die, as long as you pay the premiums.

Do you really need life insurance? The answer is an unqualified yes. If you have young children, and both you and your husband work, the loss of one income can be devastating. You will be faced with paying for your children’s education and will need additional income to meet even your basic needs. In addition, if one spouse works at home and doesn't bring in a formal income, his or her death will require you, as the surviving spouse to hire child care, which can add significantly add to the expenses incurred.

Conversely, if you are married without children or are single, you may need life insurance to protect your partner or surviving family members against the costs associated with your death.  Funeral expenses, probate and administrative fees, outstanding debts, and federal and state taxes are costs that you must consider. Unless you have sufficient resources, your survivors will probably need life insurance to cover these expenses. This is quite a burden to pass on to your family members. It behooves you, then, to research a life insurance quote. Determine the best type of insurance policy that will cover any eventuality or crisis in your life.