Do I Still Need Life Insurance?

Life insurance is one of the best purchases that you’ll ever make for your loved ones. It’s one of the first purchases that a family will make when they have a child. It’s important that your family has the insurance protection that they need, but what about as you get older and get close to retirement?  There are a lot of questions about life insurance, and who should hold a policy. We can put you in touch with companies who offer affordable life insurance for seniors. If you need life insurance, and you don’t have it, your family could be left with a massive amount of debt and other final expenses.

Every applicant is different, and as your life changes, your life insurance needs will change with it. We know that getting the perfect amount of life insurance coverage can be difficult, but we are here to help ensure that your family has the protection that they need.

Every year we get dozens of questions from applicants about how much coverage that they need. This article is going to help answer those questions and give you an idea of the coverage that you should have for your family.

How Much Life Insurance Do You Need?

When you’re deciding if you need life insurance, there are several different factors that you’ll need to calculate. Asking yourself a few simple questions can give you an idea of how much life insurance that you need, or if you need any at all.

The first number that you should crunch is your debts or any final expenses that your family would be responsible for if you were to pass away. The primary goal of your insurance is to help your loved ones pay off your mortgage, car payments, student loans, and any other major expenses that you would leave behind. All of those bills can quickly add up to hundreds of thousands of dollars. Losing a loved one is never easy, but being left with a huge amount of debt is going to make the situation a thousand times worse. If you don’t have any significant debts, and you don’t plan on getting any large debts in the future, then you can consider getting a small insurance policy, or not having a plan at all.

The next factor to consider is your annual income. The second purpose of your policy is to replace your paycheck if something were to happen to you, especially if you’re one of the primary income earners in your home. If you were to pass away, your loved ones could struggle to pay for any necessary expenses without your income. Your life insurance coverage will give them the money to find a way to permanent replace your salary. If you’re retired, or you don’t have anyone that relies on your paycheck every month, then you can consider dropping your insurance coverage.

The next factor that you should consider is your estate planning and what type of gift that you want to leave behind to your loved ones. Not only can your life insurance policy will be used to pay off any debt, but it can also be used to give your family an inheritance gift. If you want to leave your family with some extra money, a life insurance policy is an excellent way to do that.

A More Affordable Alternative

After you’ve crunched all the number, you may realize that you don’t need a traditional life insurance for a million dollars of coverage, but you still need the coverage to help your family pay for any final expenses that they would run into. If something tragic were to happen to you, your family is going to be required to pay the various bills for funeral and other related costs. The average funeral can rack up a $10,000 total.

If you don’t want to pay for the expensive premiums of a traditional life insurance plan, then you should consider buying a burial insurance plan. These plans are a smaller insurance policy that are designed to give your family the money that they need to fulfill your final wishes without breaking your bank.

Most burial insurance policies are only going to provide around $25,000 worth of insurance coverage. This will give your family enough money that they need to pay off any funeral costs, but it will save you hundreds of dollars. There are several advantages to these plans that you should be aware of when you’re shopping for insurance coverage.

One obvious advantage is that the premiums are going to be much cheaper than traditional option. The size of the plan is considerably smaller, which translates into lower premiums. If you’re wanting to save money but still have some protection, these burial plans could be the best option.

Another advantage of these plans is that anyone can buy one of these plans, regardless of health or any pre-existing conditions that you have. Everyone deserves to have the insurance coverage that their family will need, and your health shouldn’t prevent you from getting that. Because these burial insurance plans offer much smaller coverage, they don’t require a medical exam. If you’ve been declined for a traditional plan in the past, these plans could be the best way to get affordable life insurance coverage.

Another benefit to these plans is that you can be accepted for coverage much faster than you can with a traditional policy. With a typical life insurance policy, it can take several weeks to be approved for coverage, but with a burial insurance plan, you can get coverage in a day.

Working With An Independent Insurance Agent

Regardless of which type of plan that you’re shopping for, the best way to get affordable coverage is to work with an independent insurance agent. Unlike a traditional broker, I independent agents work with dozens of highly rated life insurance companies across the nation.

Every insurance company is different, which means that you could get drastically different rates depending on which company that you get the quote from. It’s vital that you get dozens of quotes before you decide which plan is going to work best for you. Instead of wasting your time calling dozens of companies, let one of our agents do all of the hard work for you. We can bring the best burial insurance rates straight to you, without the hassle of contacting all of the companies.

Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance coverage that your family will need. Depending on the stage of your life, your insurance needs could look drastically different than they did in your 20s. It can be confusing to decide which type of plan that you need to buy.

If you have any questions about burial insurance plans or about other types of insurance coverage, please contact us today. We would be happy to answer those questions and connect you with the best plan to meet your needs. It’s our mission to help walk you through the application process and connect you with a quality insurance at an affordable rate.