Life Insurance, Personal Insurance

Life Insurance: The Greatest Gift

Benjamin Franklin said it best: “In this world nothing can be said to be certain, except death and taxes.” 

Death is something no one wants to talk about and only few plan for. We work hard, we play hard. In this life, we want to leave our mark and be known for something great —even if just to our family and friends.

Have you ever considered that life insurance is the greatest gift you could ever purchase for the ones you love? The sad truth is that many Americans do not carry life insurance. Just look around as you drive through town for families holding signs asking for donations or holding a car wash to raise money to bury a loved one.

You might be thinking “I have life insurance through work.” Or perhaps you believe life insurance is too expensive. Maybe you even believe you don’t need life insurance.

Let’s explore each of these common beliefs. 

“I have life insurance through my employer.” 

That is great! What happens when you no longer work for that employer? Can you take the life insurance with you, meaning it is portable? Could you afford the premiums? Group life insurance is based on the average age and the size of the group. The group’s rates may be affordable now, but should you need to take the coverage with you, that may not be the case.

Life insurance is too expensive. 

Life insurance rates are determined from a number of factors which include age, weight, overall health, and medical history. You can purchase policies that vary in terms of coverage options and length of coverage.  In addition, some types of policies carry cash value. There are so many options available that you can find coverage that fits into your monthly budget. In a 2013 study conducted by LIMRA and LIFE Foundation, 86 percent of respondents indicated they hadn’t purchased life insurance because it was too expensive.  It has been found that people generally overestimate the true cost of life insurance by more than twice the actual cost.

One of the most common objections to life insurance is “I don’t need it” or “my family can make do without my income.”  

The passing of a loved one is hard enough for a family to cope with. The added financial stress can leave your family feeling overwhelmed. Life insurance can be used to pay funeral expenses, pay off debt, replace income, provide housing, send your children to college, or create a financial legacy for the ones you love.

Perhaps you already have life insurance. 

When was the last time you evaluated your life insurance needs? In that same study conducted by LIMRA and LIFE Foundation, 33 percent of respondents indicated they don’t have enough life insurance. Perhaps your family has grown, you have purchased a new home, or your income bracket has changed. These are all great reasons to re-evaluate your life insurance needs.

Your Leavitt Group insurance consultant can help evaluate your life insurance needs. Tomorrow is not guaranteed, so take the first step by calling today. Your family will thank you for it.