Social Media Preheader Home Page Get a Quote Payment Claims About Us Facebook Twitter Postheader Auto Insurance Home Insurance Business Insurance Life Insurance

Mother & Daughter Laughing

 

If you’re the sole breadwinner for a family of eight, the need for life insurance is pretty clear. But for others, the decision is not so clear-cut.

Here are five reasons people think they don’t need life insurance – and why they should think again:

1.  “I don’t need life insurance because I’m single.”

Being young and single isn’t a reason to skip life insurance, it’s a reason to get it. Qualify now while you’re in good health, and that policy can follow you throughout your life – even if you develop a health issue later.

2. “I don’t need insurance because I’m a stay-at-home mom (or dad).”

Just because stay-at-home moms and dads don’t get paid, doesn’t mean their services aren’t valuable. They provide childcare, cleaning services, transportation, and more, which allows the family breadwinner to focus on winning the bread. Insurance carriers estimate the average cost of services provided by stay-at-home parents at $50,000 a year – and only mom and dad accept hugs, kisses and macaroni art as payment.

3. “I don’t need insurance because my children are grown.”

In the event of your death, your spouse will still need daily living expenses. By buying enough life insurance, you can help take care of them for years to come – just as you would have in life.

4. “I’ve done pretty well for myself. My estate will be more than enough to provide for my family.”

Congratulations. But assets like stocks, bonds, and real estate holdings take time to liquidate. If you die without a will, or the will is contested, your estate could get tied up in probate court – which means more delays and expensive fees. Life insurance proceeds are payable immediately, providing funds for living expenses until your estate is available.

5. “I have a policy at work. That should be plenty for now.”

Employer-provided life insurance is a nice benefit, but it’s usually limited to 1 to 2 times your yearly salary (unless you supplement it by paying more). That might take care of your funeral expenses and some debt, but what about living expenses for your spouse and family? How will your spouse handle future college costs for your kids on one salary?

Another drawback of employer-provided insurance: If you lose your job, you lose the insurance, leaving your family unprotected while you scramble to replace it. A private policy follows you and your family for life, and only you can terminate it.

 

So maybe you really do need life insurance… but how much? Find out with our life insurance needs calculator. Even a small policy can go a long way for your peace of mind.

Posted 1:09 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Fill out the form below or call us at 800.924.3002

Who We Are >
We are a leading provider in insurance and services in the insurance industry. Priding ourselves on providing the best customer experience possible while also giving you the lowest rates. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service.

Read More
Read Our Blog >
Aetna
BCBS
Encompass
MetLife
Nationwide
Progressive
Travelers
Customer Testimonials >

Read More
 
  Who We Are
Our Insurance Carriers
Meet Our Staff
Customer Testimonials
  Auto Insurance
Life Insurance
Home Insurance
Health Insurance
Business Insurance
Other Insurance
  3 Convenient Locations Serving Michigan
Phone: 800.924.3002 | Fax: 231.924.1055