What’s the Big Deal About Life Insurance?
What is the most important type of insurance to purchase?
Death is an uncomfortable subject, however, it is important to remember that life insurance is not for ourselves; it is for the people we leave behind. You can’t say that you will absolutely have a house fire, but you obtain homeowner’s insurance. You hope to never be involved in an auto accident, but you have coverage just in case. Of all the potential instances that may occur in one’s lifetime, only one is certain; everyone’s life will eventually end. And while you cannot predict or prevent a loss, you CAN prepare.
Why is life insurance so important?
Most often, life insurance is associated with funeral expenses. While final expenses for a loved one can be overwhelming, life insurance is designed to provide so much more. Life insurance could be used to replace the income lost to a family, as well as pay down or remove debt that may be left behind.
Imagine a middle-class family of four; Family A. Dad and mom both work outside the home and both children are still in school. One day, dad passes away at work. Mom maintains full-time employment, however, dad’s salary was significantly higher. In addition to the grief of losing her husband, mom now struggles to pay the mortgage on her home and make ends meet.
Now let’s assume the same family has a slightly different situation. Dad works outside the home, but mom is a homemaker. Unfortunately, mom passes away unexpectedly. While there has been no loss of income, dad now has the additional expenses that come with daycare programs, tutors, and housekeeping; all roles previously filled by a stay-at-home mother.
How can these hardships be avoided?
For someone needing a life insurance policy to help offset the cost of his end of life expenses, a whole life policy may be the best option to consider. A term life insurance policy would better serve someone who needs to ensure his family can maintain its current lifestyle if he were to pass away unexpectedly. At Burkhart Insurance, we offer both term life and whole life insurance policies to help serve the specific and unique needs of your family.
Burkhart Insurance also offers a unique policy geared toward children. A one-time payment provides life insurance for your child until the age of twenty-five. At that time your child can opt to keep the policy, increasing it by up to five times the original amount. This policy is extremely beneficial in that if your child develops a health issue that could prevent the purchase of a life insurance policy in adulthood, they will still have the opportunity to increase the current policy, ensuring that they will be covered in the future.
Life Insurance is the most important coverage!
Consider the many different kinds of insurance you may have. If you own a home, the likelihood that you also have homeowner’s insurance is great. According to a recent poll, only 4% of homeowners choose to self-insure. State law mandates that if you own a vehicle you must also purchase an auto policy. Even with the many citizens who decide to take their chances by not insuring their autos, 85% of Americans have a current auto policy.
Shouldn’t you put the same care into preparing your loved ones financially for the loss of your life as you do in preparing for the possible loss of your property? Life insurance policies are not just about paying for funeral expenses. Life insurance policies are about having peace of mind, knowing that your family will not have to suffer financial hardship when you pass away. Contact Margie or Teri today to discuss your needs and start your quote.