We never know when our life will come to an end and how that will affect our spouse, children, and family members. Life Insurance can give you peace of mind and serve as a vehicle to pay for many things following death including income replacement, funeral expenses, and create an inheritance. Having life insurance can help secure your family’s financial stability and create a meaningful legacy for generations to come.
As we continue to move through the Coronavirus Pandemic, there is heightened awareness to personal wellbeing, health insurance and life insurance. It is reported in a recent study that 36% of respondents said the pandemic makes owning life insurance more important and 12% said they had increased their life insurance coverage in response to COVID-19. Before the pandemic, nearly 1 in 3 families said they would face financial challenges within a month if the primary wage earner died.
The principle behind life insurance is simple and easy to understand. A policy holder pays a small amount of money each month, the premium, so when they die, a beneficiary or beneficiaries receive the sum assured. Certain life insurance policies can also be used as a savings vehicle giving you more opportunities to pay for some of life’s larger expenses.
Replacing income for dependents is the primary reason why people take out a life insurance policy. Actual uses include paying off unpaid mortgage amounts, college tuition, medical costs, funeral arrangements, and other debt payments. Most agree that having a life insurance policy is an important part of a diversified financial portfolio. The cost of policies can fit into most any budgets. You can purchase a variety of policies, all with differing characteristics, which include term, whole-life, and universal life. Be sure to know of additional economic benefits to policies such as guaranteed insurability for conversions or waiver of premium rider. Our RF&G Life Agents can better help you identify the right policy options for your specific situation.
Of course, it is recommended to purchase life insurance when you are younger and starting your family, however you can purchase it later in life as well. If you are young and have no dependents, certain policies might be more adequate for you. Work with one of our qualified agents to help you identify the policy options best suited for your situation.
At RF&G Life, we take health and life seriously. We encourage you to learn more from reading our blog and reaching out to one of our qualified agents to help you with your existing or new life insurance policy needs. Our insurance coverage provides a peace of mind during life’s most difficult moments.
Comments are closed