Many people realize the need for life insurance but keep putting it off until it is too late. You make think that life insurance is confusing, expensive and complicated. You may think you don't know enough to make the right decisions for you and your loved ones. Postponing this decision leaves you, your family and your business exposed financially.
Assumption #1:
I'll always be able to buy life insurance. You could develop a health condition that makes you uninsurable or could make life insurance too costly for you.
Assumption #2:
I'll get life insurance later when I am older or have a family. Life insurance may be needed at all stages of life. Whether married or single, male or female, with or without children, you may have financial obligations that need to be met. Life insurance provides financial security for you and your loved ones.
Assumption #3:
My family and I are covered by the group insurance at work. To meet the future needs of your family you need to have seven to 10 times your annual income. Most group term insurance amounts won't meet this need. And, when you don't work for that company any longer, you usually lose that coverage and are faced with buying life insurance at an older age, thus it will be more expensive.
Assumption #4:
My family can cover funeral and burial expenses. Burying a spouse or loved one is the most stressful time in a family's life. Having life insurance can reduce financial concerns for the family while they are getting through an emotionally difficult time.
Take time now to review your needs and provide adequately for yourself and your family. It's also important to make sure your financial needs are covered for your business needs. If you have a partner or are a joint owner in a business, it is imperative that you have a life insurance plan set in place so that the business can continue on, even after a loss of a partner. Key person life insurance is another option to help protect financial exposure at your company. If you have an integral employee or officer of the company that would leave a gap in your business that would result in financial loss, then it makes sense to buy an inexpensive key person life insurance policy on that person. Another option to consider is providing life insurance coverage for your employees. It may sound like an expensive proposition but in reality, the coverage can be very affordable. The national average monthly premium for coverage is $.25 per $1,000 in coverage. Premiums for up to $50,000 coverage for your employees are deductible from your federal income tax and not taxable to your employees.
No matter what stage of life you find yourself in, contact your insurance professional today to make sure you are properly protected at home and in business for your life insurance needs!
Britney Oates can be reached at
(760) 754.5101 and [email protected].
Assumption #1:
I'll always be able to buy life insurance. You could develop a health condition that makes you uninsurable or could make life insurance too costly for you.
Assumption #2:
I'll get life insurance later when I am older or have a family. Life insurance may be needed at all stages of life. Whether married or single, male or female, with or without children, you may have financial obligations that need to be met. Life insurance provides financial security for you and your loved ones.
Assumption #3:
My family and I are covered by the group insurance at work. To meet the future needs of your family you need to have seven to 10 times your annual income. Most group term insurance amounts won't meet this need. And, when you don't work for that company any longer, you usually lose that coverage and are faced with buying life insurance at an older age, thus it will be more expensive.
Assumption #4:
My family can cover funeral and burial expenses. Burying a spouse or loved one is the most stressful time in a family's life. Having life insurance can reduce financial concerns for the family while they are getting through an emotionally difficult time.
Take time now to review your needs and provide adequately for yourself and your family. It's also important to make sure your financial needs are covered for your business needs. If you have a partner or are a joint owner in a business, it is imperative that you have a life insurance plan set in place so that the business can continue on, even after a loss of a partner. Key person life insurance is another option to help protect financial exposure at your company. If you have an integral employee or officer of the company that would leave a gap in your business that would result in financial loss, then it makes sense to buy an inexpensive key person life insurance policy on that person. Another option to consider is providing life insurance coverage for your employees. It may sound like an expensive proposition but in reality, the coverage can be very affordable. The national average monthly premium for coverage is $.25 per $1,000 in coverage. Premiums for up to $50,000 coverage for your employees are deductible from your federal income tax and not taxable to your employees.
No matter what stage of life you find yourself in, contact your insurance professional today to make sure you are properly protected at home and in business for your life insurance needs!
Britney Oates can be reached at
(760) 754.5101 and [email protected].