Like any other financial investment, life insurance is an incredibly important investment for families to make, especially if they have young children. Knowing that immediate financial relief will be available to loved ones provides policyholders with invaluable peace of mind.
When considering how much life insurance a person should purchase, it’s important for individuals to consider all of their expenses. A working person contributes more to a household than just a paycheck, reminds Insurance Information Institute senior vice president and chief economist Steven Weisbart.
“Many people overlook some important expenses that life insurance can help cover,” Weisbart said. “For example, the death of a working parent may not only terminate an income source but also a family’s source of health insurance, tuition assistance and other financial benefits.”
Many employers offer group life insurance programs as a benefit to their staff. Such funds may not be enough, unfortunately, to meet a family’s needs. People should also consider purchasing supplemental life insurance as well. Life insurance quotes can be obtained by speaking with an adviser or simply researching online.
Having adequate life insurance is an important component of anyone’s financial plan. If you are considering purchasing a life insurance, contact your financial adviser to discuss your options. Keep in mind that life insurance rates are currently at an industry all-time low, which means that coverage is more affordable than ever.