Do You Need Life Insurance Right Now?

Life Insurance Awareness Month may be over but that doesn’t mean it is too late for you! If it has been a while since you last reviewed your life insurance needs, you may want to consider sitting down for a conversation with a professional life insurance planner.

Life Insurance is the most effective way you can help your family in the event of your death. Life insurance can help replace your income so that your family can maintain their lifestyle and pay off any debt. If you are a stay at home parent, life insurance proceeds can help your family hire someone to help with all the work you normally do. Another thing to consider is that dying from illness rather than a sudden accident can become very expensive. Medical bills, taking time off work and the stress that comes along with having an illness can add up quickly. A life insurance policy can provide an accelerated death benefit to help out.

Life Insurance Review

You need a full review of your life insurance plan if you recently:

1. Were Married
2. Had a Baby
3. Purchased a New Home
4. Refinanced Your Mortgage
5. Changed Jobs
6. Co-Signed on a Loan

You may not think you need life insurance right now, but…

Maybe you are young and haven’t gotten married, had children or purchased your first home yet. Why would you want to purchase life insurance if no one currently depends on your income? Before you make up your mind and decide, “I don’t need life insurance yet,” at least consider the following:

• Life Insurance Rates are based off age so it will never be cheaper than it is today. Consider locking in a low rate with a policy that will last you to retirement age.
• Your health can change at any time. If you develop any health issues down the road you could be denied coverage or only qualify at sub-standard rates.
• If you are already saving for retirement by using a tax-advantaged account like a 401k or IRA, then permanent or “cash value” life insurance can provide another way to accumulate tax-deferred savings that can be used later in life.

If you are interested in getting more information on how to protect your family and replace your income in the event of death or disability, Contact one of the agents at Whitcomb Insurance Agency today!