Health & Fitness
Insurance 101 - Life Insurance
Life Insurance. It is like religion and politics. No one wants to talk about it... but it is a conversation we all need to have with our family, even if it is a little uncomfortable.
Life Insurance...
When you read that what went through your head?
I've heard some pretty good comments over the years when I bring up life insurance with my clients.
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"I'm too old to buy life insurance."
"Don't give my spouse another reason to kill me."
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"I'm single. Whom do I need to protect?"
"I don't believe in life insurance."
"I won't be around anyways, so I don't care."
I am not going to try and respond to all those comments today. All I want you to do is think about the plans you and your family have made if something were to happen to you and answer this question:
If I left the house today and didn't make it home, how much money would my family need to survive?
If the number you come up with is more money than you have currently, don't get depressed. Life insurance is designed to bridge that gap.
Life insurance is a tool available for you and your family in your financial services tool box. There are many options and amounts to choose from. Even I couldn't recommend a type or amount to you without an honest conversation. In the end it depends on what you want the policy to do for you.
Do you want to pay for your kids education? Do you want to pay off the house? Do you want to have enough that your surviving spouse can invest it and live off the income the rest of their life? Will you need it to pay for new childcare expenses so you can continue to work?
Without knowing what you want the policy to accomplish no one can tell you how much you need, or what type to consider.
I challenge you to take a moment and have an honest conversation with your family, then call your experienced professional insurance agent. Explain to them what you are expecting a life policy to accomplish for you. Let them ask you some questions, and be honest with them. Then they will be able to walk you through the many different options to make sure your family is taken care of, even after you are gone.
The bitterness of poor coverage lingers long after the sweet price is forgotten.
Joe Urvina is an insurance agent located in Gig Harbor, WA.
www.facebook.com/UrvinaInsurance
jurvina@farmersagent.com
Twitter - @UrvinaInsurance
(253) 858-5881