- Personal reflections on life insurance
- June 12, 2015
Reasons behind purchasing or not purchasing a life insurance policy will vary across the board as everyone has their own interpretation of what life insurance means.
“My mom died from a massive stroke when I was 25-years-old, leaving me to take care of my younger sister all on my own. I had a full-time job, but it wasn’t enough to help pay all the bills. After going through all my mother’s bank accounts and papers, she only had $500 in the bank and did not have a life insurance policy. Cremation was the only option but I couldn’t even afford a memorial. And then, bills started coming in but my mom was already in debt. Even though I explained the situation to the creditors, there was no way out. They talked about foreclosure. Final dates for shutting off the electricity, water and heat have been set.” – Sarah
“My parents started my policy before the age of 18 and I took over when I was financially able; since then I have had additional policies. When I adopted my children – my son at age two and daughter at age 10 – I did it for them like my parents did it for me. My daughter is in college now and hopefully will be able to take her policy when ready to help buy what she needs. My son is now 13, so I will start building one for him now. He will have something for the future. As a single parent with loans, I have been able to take policy loans against my own life insurance to help pay for daily necessities.” – Cindy
Term life insurance policy offers are fairly simple to understand. They offer coverage for an allotted period of time, which is typically five, 10, 15 or 20 years. Whole life insurance policies offer coverage until the insured passes away.
Regardless of the type of policy you pick, there are two areas you must consider before making the purchase. You must first decide how much money your family will need to meet immediate obligations at the time of your death. You will then need to determine how much future income your family will need.
Both of these will have an impact on how much life insurance you should purchase.
The simple truth is that everyone needs life insurance if assets are just not available and in this world of economic struggle, life insurance can offer more financial stability than you can imagine. Its versatility is still not understood so talk to a qualified agent so that you may purchase a policy that is required for your needs.
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