Life insurance can, and should be, much more then something that pays out when someone has died. There are many plans I present to clients that turn your life insurance into a significant part of your retirement package. It also can be used as a significant source of extra income for the surviving family when the right amount of coverage is purchased.
As a licensed life insurance agent, I believe that protecting your family is an important part of any financial strategy one considers.
There are many traditional arguments for why one needs to carry a life insurance package as a part of their family financial management plan. While those arguments are all sound reasons to make sure you are properly covered, I want you to consider some other points that make me passionate about the need to help you get the proper coverage:
- A significant number of families today have a special circumstance in their life that requires their extra focus. This could be special needs child, grandparents raising their grandchildren, aging parents living with the family, etc. These circumstances not only require extra time on your part, they also place a heavy dependency on the breadwinner(s) in the family. A loss of that income could have devastating consequences on the ones being cared for. In some cases it could mean a child becoming a ward of the state.For example, we know that 59% of people living with autism are living with one or both custodial parents (see this NY Times article).A web site dedicated to the importance of planning with aging parents has this statement about the financial issues involving aging: “in this economy … the burden of care for special needs adults squarely on the shoulders of families and the local support that they garner” (Talk Early…Talk Often).
A properly setup life insurance program can meet these special circumstances in a very helpful way. Having peace of mind in such a situation is certainly worth considering an effective insurance plan.
- People often think of life insurance simply as the best way to cover funeral expenses. If one has a good retirement program that also pays in the case of death, this may have some credibility. However, one must also consider that funeral costs may include significant travel expenses, especially if the deceased wishes to be buried somewhere other than where they are currently living.
These are the types of situations I work hard to help you look at in a positive and comforting way.
When it comes to life insurance I can help you:
- Calculate the amount of coverage you need based on your family size and circumstances
- Broker the best premium and type of insurance that suits your need
- Provide an objective evaluation of any current insurance plans you have in force
- Properly prepare if you are a family with a special circumstance that has you or a family member carrying the burden of care
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