Thursday, September 14, 2017

September is Lfe Insurance Awareness Monthi

Now that we're halfway through September, it's about time we mention Life Insurance Awareness Month (LIAM).  The purpose of promoting LIAM is to make the public aware that life insurance has a purpose and why we all need to have coverage.

For people who are married and/or have children, here are a few reasons to get some coverage.

1.  Pay off your debt.  Whether you're the bread winner or not, debt can smother the surviving family members.  This includes paying off the mortgage, credit cards, car loans and any other loans you have out there. 

2.  Replacing your income.  You contribute some or all of the money that pay the bills and those bills won't stop coming.  Utilities, taxes and everyday expenses still have to be paid.  Your survivors will still have to replace the refrigerator and make car repairs after you're gone.

3. Education costs.  Wouldn't it be great if your kids didn't have to worry about paying for college?  With enough life insurance, they won't.

4.  Final expenses.  How much is a funeral?  The average is around $12,000.  Yes, we've heard how much you can save by cremation, and that's great, but it's not for everyone.  Figure this into your burial plans.

4.1  Costs associated with death.  Odds are good that right before you die, you'll be in a hospital or have some other medical treatments.  Even if you're just throwing in the cost of your deductible, make sure your loved ones are blindsided by this number.

When you figure up the total of these numbers you'll probably be amazed at how high the total is.  No worries though, because most of this can be taken care of with affordable term coverage.  However,  we recommend that you use a Guaranteed Universal Life policy for the last two items.  (Whole life is expensive and you really don't need to worry about building cash value here)

For more information, let us at Surf Financial Brokers help.