Life insurance isn’t meant for the dead. It’s meant for the living. A life policy is the ultimate way to show our loved ones how much we care by providing them with the financial protection and security they need to go on living when the unthinkable happens. Life insurance ensures that our children can afford an education and that our spouse can afford daily living expenses; it ensures that debt can be paid off, and even helps pay off a mortgage or loan.
According to LIMRA, 30% of U.S. households have no life insurance whatsoever, an alarmingly high figure when the safety of our loved ones is at stake. September is designated Life Insurance Awareness Month, a campaign aimed at encouraging Americans to take stock of their life insurance needs.
Here are 5 major life events where you should start thinking about protecting your loved ones with a life insurance policy:
- Change in Marital Status. After the honeymoon is over, discuss how a life policy can help pay the bills in the event that the household breadwinner has passed away.
- Mortgage Protection. A family may lose their home if a life insurance death benefit is not available to help pay off the mortgage.
- Starting a Family. In the event of the breadwinner’s death, the surviving spouse will need to support the family on half the household income.
- Another Birthday. Life insurance premiums increase with age, so purchasing a policy when you are young and healthy (late 20’s to early 30’s) can lock your coverage in at a lower rate.
- Education Funds. College is very expensive, and the proceeds from a life policy can help pay off college loans.
For more information on life insurance, contact McGrath Insurance Group at 800-342-3859 or visit our website at www.mcgrathinsurance.com.
*This article is written for informational purposes only and should not be construed as providing legal advice.