Nobody likes to think about actually needing life insurance; at the end of the day this is one coverage that is rarely given a second though, because it makes people face conversations and feelings they’d rather avoid. However, any young family or individual for that matter needs to seriously consider life insurance as part of their financial and insurance portfolio. One of the biggest problems about life insurance, is that people do tend to avoid the subject, and thus may be exposing their families or other dependents to unnecessary risks. It’s important to ask the right questions before determining you don’t need life insurance. For example:
What is life insurance?
This coverage delivers financial coverage to your family after your passing. This “death benefit” replaces your income and could help your family meet many important financial needs; funeral costs, daily living experience, education, etc.
How does it all work?
When you by a life insurance policy, you are actually purchasing a contract with the issuing insurance company, who guarantees that upon your death, it will pay a preset amount to your beneficiaries/dependents.
Are there different types of life insurance?
Yes! Speak to your insurance agent to determine whether you need a term life insurance, which covers a specific period of time, or a permanent insurance policy which covers you until your death, regardless of age. The former is more affordable, and used primarily for replacing lost income in the event of premature death.
When should I buy life insurance?
The common belief is that if you have no dependents, you do not need life insurance. However, life insurance should be purchased if you experience a number of different life events, such as:
· Buying a home
· Birth or adoption of a child
· New job
Please contact Fleming & Riles Insurance today at (229) 436-3408 to learn more about the life insurance policies we have to offer.