Monday, December 14, 2015

Scary? Yes! Necessary? VERY!

How much life insurance do you need?

This is a subject that most Americans choose to avoid. The first thought is that it is just plain morbid. Who wants to think of the unthinkable happening? You want to live life, not think about dying, right? But, what about those you love? How important is it that you protect and provide for them, even when you are gone? Outside of the fear factor, other people avoid taking care of this out of sheer procrastination. There is no sense of urgency. The truth is, we don’t know when but one day we WILL leave this world, and our family will bear the responsibility of taking care of things for us, in our name, on our behalf. We cannot alleviate the emotional pain, but can do something to prevent the financial pain.

When considering your life insurance policy, there are some things that you need to consider. These five questions will navigate you through the process of setting up your policy. Carefully consider the answer to each of these questions before sitting down with an agent. And, if you’re unsure about some of these, highlight them and work with your chosen agent to help you figure it out. A good agent will focus on the best possible outcome for you and your family.

Q1: How much do you want your funeral to cost?
Q2: How much money will your family miss annually when you die?
Q3: How many years will your family need your income in order to adjust to new situation?
Q4: What debts do you leave behind that your family has to take care of?
Q5: What future needs do you have to take care of? (E.g. Kids’ college)

You want the peace of mind in knowing that is something happened to you tomorrow, your family would be taken care of. Don’t delay in putting together a good life insurance policy. Honestly, it’s better to have the wrong kind of life insurance, than no life insurance at all. So don’t postpone this process while you analyze it to death (pun intended). Consult with 2 or 3 different to determine who you feel most comfortable working with. But, most importantly, don’t postpone it. Tomorrow is not promised for any of us!

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