Happy 2019! We hope that all of you had a safe and wonderful New Year’s celebration and are ready to get your year off to a productive start. Many of you may have made New Year’s resolutions to eat more healthily, exercise more regularly, spend more time with your family, improve your performance at work, or take other measures to improve your life and overall happiness. We’d like to add one more resolution to the list: obtaining life insurance.
Life insurance is something that everyone needs, but not nearly enough people have it. In 2017, only 59 percent of surveyed Americans had any life insurance coverage at all, and last year, one in five life insurance policyholders admitted that they did not carry enough coverage.
What better time than the New Year to secure a new life insurance policy? Here are some of the most important reasons why this year should be the year you secure enough life insurance coverage.
Reason #1: You Can Afford It
Whenever Americans are surveyed about life insurance, “It’s too expensive” is consistently among the top responses for why people don’t have this coverage. However, this is a very common misconception. Depending on your age, condition, and the type of policy you purchase, you can find coverage for an incredibly low price. Shop around, and don’t be afraid to discuss your concerns with an insurance agent. They want you to have coverage and would be happy to work with you on a plan that you can afford.
Reason #2: It Will Help Your Dependents
In addition to the emotional distress of losing a loved one, your passing can also lead to a loss of income for your household, which could make it difficult for them to continue to support themselves. A life insurance benefit can replace this lost income, making it necessary for sole breadwinners.
Income replacement is not the only use for a death benefit. If you don’t need to ensure that the bills will be paid after your death, you can have the benefit placed in a trust for a child or other loved one to access later in life.
Reason #3: You Can Cover Your Own Expenses
After your passing, someone will need to pay for the funeral and burial costs. If you don’t have any dependents who can cover this, or if they are not able to afford it, life insurance can cover these “final expenses”. In addition, life insurance can ensure that outstanding debts, estate taxes, medical expenses, and other costs will be paid.
Reason #4: You Can Use it to Save Money
Life insurance can also be a vehicle to save and build up cash value. With some whole life insurance policies, you can build cash value on your policy and use it to save for retirement or another life event.
Reason #5: Your Life Won’t Stay the Same Forever
Sure, you may be fine now with the coverage you have, or even no coverage at all. But life moves quickly, and before you know it, your coverage may be insufficient. Have you experienced a life event recently? For example:
- Birth of a child
- Purchase of a home
- Change in employment
- Loss of employment
If yes, you should contact your agent to ensure that your life insurance coverage reflects the new status of your household. Make sure that your coverage is suited to your current financial situation. Life insurance coverage from work may not be enough to cover all of your family’s needs. Are you getting older? As you get older your health changes, and you might need to adjust your coverage. When in doubt, contact your life insurance agent to discuss what you need.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. Sales from our financial services products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to IRA’s to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (855) 804-7424.