This is such a touchy subject with most families. The big "Life Insurance" question. When considering life insurance consider this, it is the most important insurance protection you carry. We are expected to carry auto insurance by the state of Indiana, or by our lien holder. We are expected to carry homeowners insurance by our mortgagee. I often wonder if no one is really carrying the appropriate amount of life insurance just because no one is expecting us to do it or forcing us to do it?
Yes Yes I get that this is never the best conversation to have, yes I get that it makes us "feel" funny, but it is a fundamental must for our families and those we could leave behind unexpectedly. It is unacceptable that we do not see this as the FIRST insurance product we purchase.
I get this all the time..." I carry life insurance with my employer." Okay, well just how much do you carry? Most employers offer minimal coverage that would allow for burial. There are options to buy more but often times the employee does not.
I lost one of my dearest friends who was an attorney in the prime of her career / life to a stroke five years ago. I ended up being the executor of her estate to assist her parents who lived out of state. This young lady and attorney to boot, had no will, no estate planning, and $25,000 in life insurance through her employer. She also had a mortgage, a car loan, credit card debt, school debt, and much more. Now in this situation there were no children, no spouses, leaving her parents and I to finish up what was left.
That situation is not typical for most of us. Most families today have children, which adds for future care and education expenses. We have larger mortgages, spouses, double debt that can cripple a family if one of the wage earners is lost.
Before you buy any insurance product you are looking for the right protection correct? Well, in this instance the right protection is the most important product you will ever purchase. It is the power to leave your family, your financial situation in a place of safety. These are some categories to consider when speaking with your agent.
Cost of final expenses
educational costs per child
salary loss
credit card debt
mortgage and car loan debt
other total debts
Are you a business owner? If you are then you may have some special life insurance needs for consideration of your business continuation planning. How to make it easier in the event your family does suffer a loss is no less important than insuring your home or car, in fact it is so much more so important. "Life Value" this is a term many insurance agents know well and I think it is time most families just sit and ponder the same thought what is my life value if I am gone tomorrow?
Too many stories can be told about people who did not prepare, did not have enough, or just thought they were too young to need it. There is a LIFE product out there for every stage of your life. There is affordability, there is long term needs, there is a flexible way to carry life insurance. Have the product discussion with your agent after reviewing your family needs. Some life insurance can be coupled with or acts like a retirement vehicle as well. So many options to chose from. Actually, much more options to chose from with life insurance vs. home or auto. Tailor make this product to fit your life. It is the most important protection you will ever purchase and the #1 product you should have already.
If you would like to discuss your life insurance needs and options available let us know. Consider this is is protecting your family, not a car, not a house, the children and spouse you love.
Heather Swank
Owner / Brookson Insurance LLC
www.brooksoninsurance.com
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