Insuring Yourself, Protecting your loved ones.

One thing most people don’t like to talk about is something we will all inevitably have to deal with – the loss of the a loved one. It’s a guarantee we won’t get out of this life alive. So from an insurance perspective, protecting yourself and your loved ones should be something to strongly consider. Life insurance comes in all types of forms, and covers a variety of situations.

“85 percent of consumers agree that most people need life insurance, yet just 62 percent say they have it. 44 percent of U.S. households had individual life insurance as of 2010 — a 50-year low. In 1960, 72 percent of Americans owned individual life insurance.Aug 30, 2013″
So what drives those to agree it’s a necessary coverage, but most don’t look into it? There’s a misconception that it’s unattainable, or really expensive. In the majority of situations, a market can be found for someone based on their risk profile. The younger you are, the less expensive the rate is. The reality is this: funerals are costing upwards of $15,000. Social Security benefits are around $250 for funeral expenses. And most consumers can’t afford the out of pocket expense of what a passing loved one leaves behind. With the invention of Gofundme, it’s very likely that when someone passes whether it be expected or unexpected, you will see a gofundme page created to cover expenses….and almost always there is a statement that the person that passed did not have life insurance.
Here’s the thing with someone passing, not only do you have funeral expenses, you will also run into final expenses (be it medical, mortgage, credit cards, loans, etc.). These expenses can add up quickly for those left behind to deal with.
So what benefits are their for life insurance? Well for one, it removes the financial stress your loved ones have to deal with. If you choose a universal or whole life insurance policy, you can build cash value that can be used while you’re alive. The least expensive option is term life. It has no cash value build up, and pays the amount stated on the policy. Depending on your age, you can lock in your rate for 10, 20, 0r 30 years. The good thing is there are options, so you can tailor your needs to a budget you can afford.
There are also other products available that fall into the life insurance box:
  • Hospital Supplemental Insurance – it’s more affordable than you would think. You can cover yourself, or your family under the same plan. This is not health insurance, but helps buffer things that may not be covered under your regular health insurance.
  • Cancer Insurance – Unfortunately, cancer is alot more prevalent now. The likelihood you or someone you know will be diagnosed with cancer is higher than ever. Cancer insurance policies can help cover expenses while you are going through treatment. It can also pay out a pre-determined lump sum amount to you to help cover your everyday expenses so you can focus on getting better without the added stress of having to figure out your expenses if you are unable to work.
  • Critical Illness Insurance – similar to cancer insurance on how it works, these types of policies can cover major events like stroke, heart attack, or cancer. It covers up to the pre-determined amount selected to help cover expenses while you are getting better.
There are more unique policies available as well. It’s a pretty broad market to look at. We recommend checking your rate and making an informed decision based on your lifestyle. Those just starting out in life would just need a small amount of life insurance, to cover final expenses. Those that own property, and have families are strongly recommended to see what rates would be as leaving behind a family without the income you’re accustomed too could be an additional devastation that your family can avoid with proper coverage.
Checking your rate is always a free service; it’s important to protect yourself and your loved ones before the inevitable happens.

, , ,

No comments yet.

Leave a Reply

508A Highway 17S · Surfside Beach, SC · 29575

Phone: 843-238-1416
Fax: 843-238-2131
Toll Free: 800-471-1614

Hours of Operation

Monday - Friday: 8:30 a.m. - 5:30 p.m.