Have you ever wonder if you should really carry life insurance? I mean if you are the insured and you pass away, you will never see the money (face amount). But I hope you are responsible enough to provide to those who matter most! If you feel life insurance is a waste of money then you don't really understand the importance of life insurance.
Chance are you may understand it and appreciate it, but I frequently run into people who say they do not even believe in it! First, if you have dependents and they rely on you or someone who is a primary wage earner in your household, then there should not only be some sort of insurance plan in place, but it needs to be enough!
The simplest of this type of insurance and perhaps most popular is term life insurance. This type of product covers the insureds life for a "term" being a period of time for a certain face amount. If the insured has acceptable health, a common face amount I see is usually $250,000. If the insured passes, then the beneficiary gets the money. There may be more than one beneficiary too.
The second most common life insurance coverage plan is group life insurance from an employer. The free basic version offered by employers is 1 times your annual salary. So, if you make $40,000 you could get a basic life insurance plan with that face amount. Make sure to check with your employer and make sure it's not just an accidental death and dismemberment policy. If it is, them the group life policy will not payout for a death from a medical occurrence, like a heart attack. When you go to work tomorrow, please check on this. If you need help, email me.
Another thing, if you or someone passes away... will that $40k face amount be "enough" to provide income to your dependents for the next 5, 10 or 20 years?
Term life insurance is getting cheap, as long as you have acceptable health by the life insurance companies underwriting guidelines. Even if you have health issues and experienced agent can still present you with some good options.
The main point I want to make is if you have a spouse and possibly kids, make sure that they will not have to suffer financial hardship in case of the passing of a bread winner.
I am a Texas life insurance agent. If you are in TX and want info, contact me.
Chance are you may understand it and appreciate it, but I frequently run into people who say they do not even believe in it! First, if you have dependents and they rely on you or someone who is a primary wage earner in your household, then there should not only be some sort of insurance plan in place, but it needs to be enough!
The simplest of this type of insurance and perhaps most popular is term life insurance. This type of product covers the insureds life for a "term" being a period of time for a certain face amount. If the insured has acceptable health, a common face amount I see is usually $250,000. If the insured passes, then the beneficiary gets the money. There may be more than one beneficiary too.
The second most common life insurance coverage plan is group life insurance from an employer. The free basic version offered by employers is 1 times your annual salary. So, if you make $40,000 you could get a basic life insurance plan with that face amount. Make sure to check with your employer and make sure it's not just an accidental death and dismemberment policy. If it is, them the group life policy will not payout for a death from a medical occurrence, like a heart attack. When you go to work tomorrow, please check on this. If you need help, email me.
Another thing, if you or someone passes away... will that $40k face amount be "enough" to provide income to your dependents for the next 5, 10 or 20 years?
Term life insurance is getting cheap, as long as you have acceptable health by the life insurance companies underwriting guidelines. Even if you have health issues and experienced agent can still present you with some good options.
The main point I want to make is if you have a spouse and possibly kids, make sure that they will not have to suffer financial hardship in case of the passing of a bread winner.
I am a Texas life insurance agent. If you are in TX and want info, contact me.
