Life Insurance! Lets talk about it
Let’s be real. Life insurance is not fun.
It’s not fun to talk about, think about, and it’s definitely not a process anyone enjoys.
Nobody wants to think about an ending, and most of the time families get too caught up in the hustle and bustle of everyday life that when they get a spare moment they really don’t want to spend it going over a worst case scenario.
That doesn’t mean that it should not be done though.
If you have a family, just purchased a home, own a business, or have any sort of debt you absolutely need to think about purchasing life insurance.
Too often when the unforeseen happens you see go fund me pages set up and families struggling to not only get through the worst moment of their lives, but also to try and manage a household at the same time.
Life insurance is simply too affordable right now for people to go without.
How affordable you may ask? Well, that all depends on what you would need to keep your lifestyles going if the worst case scenario happens.
Now, you can get out a pen, paper, and calculator and spend a few minutes running an analysis of every debt you have, the income you’re bringing in, and all that or you could just make it simple.
A good rule of thumb in purchasing life insurance is that you want something with a payout of 10-12 times your annual income. Why 10-12 times your annual income? Because it replaces your salary if you die and gives your family a financial cushion to help them get back on their feet.
Now that you have that number in your head, you may be thinking that there is just no way possible that you could afford life insurance. Even though we’re talking about some very large numbers here, life insurance is fairly inexpensive for the average person.
In fact, according to the industry organization LIMRA, 80% of people overestimate the cost of term life insurance. Millennials, in particular, overestimate the cost by 213%
The plan is simple: Your age and health will impact the cost of your premiums. We recommend getting life insurance while you’re young and healthy to avoid paying more than necessary. Just for an example, a man who takes out a $250,000 term life insurance policy at the age of 30 can expect to pay $16.14 per month. However, if he waits until he’s 45, that cost increases to $32.71 per month. In fact, those in their 40s can expect a rate increase of 5-8% for every year they wait to get insurance, while those in their 50s might see as much as a 12% increase year over year. So, the time is now to look at getting yourself and your family covered.
So, where do you start looking for life insurance? While the internet is littered with places where you can purchase life insurance, we suggest going with a local, trusted agent who specializes in life insurance and wont try to sell you the whole farm when you just need a cow. **cough** (https://www.integritypartnersgroup.com/get-a-quote ) **cough**
Again, we know that life insurance may not be the most fun thing to talk about in the world but, we will try our best to make the process pain free and take another one of those worries off your mind!