Life insurance

Why Should You Buy Life Insurance?

   You owe it to your family to make sure they are taken care of.  It is the one thing no one really likes to think about. What happens when you die? I don't mean spiritually- I mean the more practical question of what happens to your family when you die? Will they be able to continue living the way they have? Will your spouse have to go to work, or will they have to hire child care? Will they be able to afford to live in the same house, with the same means as when you were alive? 
   These questions must be asked and answered to help ensure your family will taken care of after your death. A good rule of thumb is to decide what it would cost for the family to continue living within their means until the last child graduates from college. Keep in mind the cost of college and what the remaining spouse would need to live on until their death.
  
  Life Insurance is made for this situation. There are many choices for you. There are different types you can buy with different benefits:
Term Life Insurance will cover your for a specific amount, at a specific premium for a specific amount of time. For example; you may buy a $1million policy for $1000 annually that will last for 10 years. At the end of the 10 years, the policy is done. If you die during the 10 years, it pays out the death benefit. If you don't, it ends. Unless you buy a Convertible Term policy. These can be converted in whole or in part into a Permanent Life insurance policy. Usually, Term insurance is the best option to get the most benefit for the least amount of premium.
Permanent Life Insurance will cover you for your lifetime, as long as you continue to pay the premiums. Often it also has an investment component- savings built into the policy. You can borrow against the "cash value" as you build it up. The premiums on these are much higher than Term insurance. There are also surrender charges during the first several years, making it costly to cancel the policy. 

   You should talk with an insurance agent about what you need, want and can afford. Everyone's situation is different. But it is very important to sit down with your spouse and decide what would need to be in place if something happened to one of you. It is not a fun discussion, but it is necessary to ensure your family is taken care of in the event of your death. 

 Thank you for reading!
 Nancy Brockman  

  As always, if you have questions or concerns about your Home, Auto or Commercial insurance, please call toll free 877-987-8683 or click:  http://www.wekeepuinsured.com/