September was National Life Insurance Awareness Month, which means autumn is a great time to consider getting coverage. Too many Americans delay getting life insurance, only to end up leaving their loved ones with unnecessary expenses. Learn more about why you should consider getting life insurance today.
Ready to consult an insurance expert to set up a plan to protect your family? Contact a UNA Financial Consultant today.
Reasons to Buy Life Insurance
Cover Funeral Costs
Funeral and burial expenses can be expensive. Between the service fee, transferring the deceased, the memorial service, and other additional costs, the average funeral cost today averages $11,000, according to data from the National Funeral Directors Association.
Pay Final Expenses
Unfortunately, when you die, your debt doesn’t die with you. There can be a wide variety of expenses that transfer to your family after your death. This includes medical expenses not covered by insurance, mortgage payments, or any other financial debt you may have accrued. If these bills are neglected, there can be serious consequences for your loved ones.
Replace Your Income
If you have a steady income, your family relies on that to pay the bills and maintain their lifestyle. When that source of income stops coming in, this can cause serious financial issues. This can be an even larger issue if you’re the primary (or only) breadwinner in the house. Life insurance can help replace that source of income for your dependents, so they can maintain their quality of life after you’re gone.
Cover Children’s Expenses
If you have children, there are numerous future expenses that you may have planned to pay for or put money toward. Aside from their day-to-day care and well-being, this can include paying for college or weddings. Life insurance allows you to continue to be there for your children financially even after you’re gone.
Main Types of Life Insurance
The two main categories life insurance falls under are term life insurance and permanent life insurance.
Term Life Insurance: This is the simpler and least expensive life insurance option. An insurance provider will base the policy premium on the probability of when insured person will die. The premium is then guaranteed for the length of the term. Once the term is up, the policy then becomes cost-prohibitive to maintain, or you can decide to let it lapse.
Permanent Life Insurance: This type of insurance also looks at the likelihood of a person dying; however, it also includes a savings benefit. This type of insurance will typically cover you for your entire life, making it more complex and subsequently linked to a higher premium.
How to Buy Life Insurance
- Determine your needs – how many people depend on you financially, how much debt do you have, and what kind of future expenses will your dependents have? Start thinking about how to replace your income and help maintain the standard of living for the people you love.
- Get a quote – learn more about what rates are available for the type of life insurance that might suit your needs.
- Make an appointment with an agent – speaking to an experienced agent is a great way to come up with a life insurance plan that makes the most fiscal sense for you now and your family later.
- Add your premium to your monthly budget – before finalizing your policy, factor your premium into your monthly budget to make sure it’s an affordable rate.
Get Life Insurance Today
Don’t leave your loved ones behind with unnecessary financial burden. If you are interested in talking to a local partner you can trust about life insurance, contact a UNA Financial Consultant today. Their expert, personalized service will help you find the life insurance you need – and the policy your family deserves.