In the blink of an eye, tragedy can strike without warning, and suddenly your family is mourning the loss of you, the breadwinner. You have provided for your family for years and worked hard to establish a comfortable life for them, but without you, your family may be left wondering how they will continue on financially. Nobody likes to contemplate life without his or her loved ones, but you must consider putting a life insurance policy in place in order to preserve a comfortable life for your family, should something devastating happen to you. Life insurance isn’t for you; it’s for those you love.
Some Considerations Relative to Life Insurance
Imagine this happening to your family…You are the sole breadwinner in your family that consists of your wife of 10 years and 2 small children, ages 6 and 8, and work hard to provide for them financially. You bought a new home a few years ago, own 2 cars, and have been setting aside money for the children’s college even though money has been tight.
Without warning, you suffer a severe heart attack and pass away, leaving your family in devastation and although you thought about securing a life insurance policy, you never finalized anything.
Below are some considerations to factor in when thinking about life insurance options and how it can assist your loved ones should something happen to you. After all, don’t you want what is best for your loved ones?
- Cost of Existing Debt- These expenses add up quickly when you document all of your monthly/yearly bills, such as mortgage, medical expenses, car loans, and utilities.
- Cost of Education for Children- College expenses are at an all time high so financially planning for your children to attend college takes years of saving and allotting funds for when that time comes. Life insurance is a way to guarantee that if something happens to you, you can rest assured that your child/children could still get their education.
- Expenses for Funeral/Burial- Funeral, burial, or cremation costs add up quickly, with the average cost running anywhere from $7,000-$10,000. Emotionally coping with the death of a loved one is traumatic enough without having to worry about the financial aspect of it. By having a life insurance policy in place, you won’t have to worry about how it will get paid.
- Cost of Raising a Child- Once your child is born, daily costs skyrocket, whether it is for food, education (excluding college), clothing, additional utility costs, furniture, and more. A life insurance policy alleviates this issue by ensuring your child/children will be provided for throughout their young lives by maintaining their established way of life.
Basically anyone who has a family, has loved ones dependent on them (emotionally/physically), and has concerns for whomever would be responsible for any unpaid debt you may leave behind, should consider life insurance. In the situation referenced above, even the stay-at-home mom should contemplate securing a life insurance policy when you consider all the meaningful tasks that a mom does to raise her children. Just because the mom doesn’t receive a standard paycheck, her worth is valuable. In fact, salary.com states that the average salary for what a stay-at-home parent does is equated to over $160,000 per year.
If you have any questions regarding life insurance, feel free to contact Paramount Insurance Agency at 866-869-3335 so we can assist you. You may be surprised to find that a life insurance policy is typically affordable and the peace of mind knowing that your family will be financially cared for is priceless. After all, your loved ones deserve it!