Life Insurance rates are at an all time low!
Rates have never been lower to purchase the insurance that you need. Insurance used to be considered a luxury but with our increasing debt loads as consumers, it is now considered a necessity. In other words, if someone depends of you financially,you probably need to purchase life insurance. Because of this awareness, prior to 2009, the booming stock market and growing Internet competition led to a nearly 70% drop in term life insurance rates from the early 1990s. Another factor:People were simply living longer, and insurers were having to pay out fewer benefits as a result. If you live through the length of your policy, the policy expires and the insurance company keeps the premiums.
Life Insurance- Are you Protected?
You may already have some life insurance, but is it enough? Think about the cash and income needs your family will have if you die prematurely. Which of these are concers to you and your family?
- Final Expenses – Funeral expense, medical bill not covered by health insurance, executor’s and attorney’s fees, court costs, taxes, ect.
- Debt Repayment -mortgages, car loans, home improvement loans, ect.
- A place to Live – would you want your survivors to remain in the family home?
- Monthly Essentials – food , clothing, daycare, medical care, electricity, gasoline, taxes- these are all essentials.
- Non-Essentials life style needs – cable TV, the daily newspaper, children’s activities, sports equipment, vacations gifts.
- Education – if you have children, do you have enough to afford a college education?
- Emergencies and Opportunities – what about unexpected illnesses or a temporary layoff of your working spouse? Anew roof? A child’s Braces?A son or daughter’s wedding? Or, an unexpected business opportunity?
What other monthly obligations do you have?
Who Needs Life insurance?
- Single individuals with college loans that need to be repaid
- Young parents with children to support
- Families with children who may one day want to attend college
- Home owners with mortgage to pay off
- parents of children with special needs, who will require financial assistance into adulthood
- High-mnet-worth individuals and families with sufficient assets to trigger estate taxes
- Owners of a family business who want to pass the business on a child or children
- Business owners with one or more partners who may need to be bought out
- Anyone who depends on their income or assets to provide for dependents
- Anyone who depends on their income or assets to provide them or their dependents with a comfortable lifestyle.