Making the Case for Life Insurance
Let’s look at making the case for life insurance. Life insurance isn’t about YOU. It is about your loved ones. When a spouse/partner dies unexpectedly, many times their loss is catastrophic to their family’s financial stability. Many households are two income families; the sudden loss of one’s income can be insurmountable for their family to overcome. No one ever wants to talk about the need for life insurance. It is an uncomfortable subject and most people view it as “the only purchase I hope I never need”. Unfortunately, the reality is by the time one realizes they or their partner should have purchased life insurance, it is often too late.
Making the Case for Life Insurance – Objections
One of the objections I hear often is “We are young and healthy, I do not see a need for it right now”. Wrong. The best time to look at purchasing insurance is when you do not have any medical issues. Once you receive a serious medical diagnosis, it can be very difficult and sometimes even impossible to secure coverage for yourself. Rates are also much more favorable for a younger, healthy person. Another response I hear often is “but I have coverage through my employer, why do I need my own policy” Unless you can guarantee that you will work for your current job until you either die or no longer need insurance, you are taking a gamble that you will have coverage when it is needed.
Making the Case for Life Insurance – Types
There are different types of insurance that offer different benefits and purpose. Some will simply provide a death benefit for a specific dollar amount and are guaranteed for a set number of years. Their payments are typically fixed for the duration of the contract. There are other insurances that can provide coverage “for life”. The premiums may be fixed or variable, depending on the specific coverage you are looking for. Some contracts are strictly designed to provide a death benefit, while others have cash value benefits as well.
Making the Case for Life Insurance – Expertise
It is important to sit down with an insurance professional who can help you determine how much coverage you should consider having and what type of insurance would best suit your specific needs. At Victory, we use a specialized program that helps our clients determine how much life insurance they should consider purchasing based upon their current needs and lifestyle. It is important to be well informed of your needs so you can properly protect your family for years to come.