Why life Insurance?
Life insurance stands as a cornerstone in securing your future and that of your loved ones. It serves as a safeguard, ensuring financial responsibilities are met even in your absence.
Whether it's a term or permanent life insurance policy, it goes beyond protecting your family; it shields your business and investments, offering a safety net when you're no longer there. This coverage can alleviate the burden of debts, estate taxes, mortgage payments, and sustain the continuity of your business operations.
Your hard work has built a foundation for your family's well-being. Protecting this legacy is paramount. The right life insurance policy doesn't just provide financial security; it grants you peace of mind, enabling your family's aspirations to thrive even in unforeseen circumstances.
I was a healthy young adult with no previous health issues. In 2020 I was diagnosed with stage 4 cancer at the age of 24. I went through treatment over the course of 6 months and was declared in remission. While in remission, my fiancé and I traveled to begin planning our future together. Then in late 2021, my cancer returned in my spinal cord and brain. I then endured another 8 months of intense treatment while relearning how to walk and do daily activities. My fiancé and I decided to get married in our local hospital where I received treatment since cancer took so much away from us. I was lucky enough to receive a life-saving bone marrow transplant that ultimately put in me in remission in August of 2022.
I am passionate about educating people on insurance and how important it can be not only for the individual but for their family as well. Life throws curve balls when we least expect it. I am now 27 years old and no longer qualify for life insurance to help protect my family. I hope I can help others prepare for life’s unexpected challenges.
Life insurance comes in three main types: term life insurance, whole life insurance, and universal life insurance. Each option serves distinct purposes, addressing varying needs and ensuring comprehensive coverage for you and your family's future.
Life Insurance is very important to me and I ask about it to every client I speak with. I was once shopping for life insurance before I was diagnosed with cancer. I kept putting it off and eventually I got diagnosed with cancer. I am no longer able to get life insurance to protect my family. If I did not beat the cancer battle my family would have not been protected. I do not want to see any of my clients make the same mistake I did and not take advantage of getting a policy when they can.
You never know what can happen to you.
What is Life Insurance?
Life insurance is a contract between an individual and an insurance company where the insured person pays premiums in exchange for a lump sum payment to their beneficiaries upon their death. The amount of coverage that is purchased depends on the individual's needs and circumstances.
How much Life Insurance Do I Need?
The amount of life insurance that is needed varies from person to person. A good rule of thumb is to aim for coverage that is 10 to 12 times your annual income. This will ensure that your loved ones will have enough funds to cover expenses such as outstanding debts, mortgage payments, and living expenses. It is also important to consider any future expenses such as college tuition for your children or care for an elderly parent.
When Should I Purchase Life Insurance?
It is never too early to purchase life insurance. The younger and healthier you are, the more affordable your premiums will be. As life circumstances change, so should your coverage. Life events such as getting married, having children, buying a home, or starting a business are all good reasons to revisit your life insurance needs.
What Should I Know Before Buying Life Insurance?
Before purchasing life insurance, it is important to consider the following factors:
Your budget: Determine how much you can comfortably afford to pay each month for premiums.
Your health: Your overall health and medical history will affect your premiums and coverage options.
Your beneficiaries: Choose trustworthy and responsible people to receive the lump sum payment upon your death.
The policy type: There are two main types of life insurance: term and permanent. Term life insurance provides coverage for a specific period, while permanent life insurance provides coverage for the duration of your life. Each type has its own pros and cons, so it is important to assess your needs and budget before deciding.
Life Insurance Calculator
The Life Insurance Needs Calculator from Life Happens helps you estimate how much life insurance coverage you need. It asks about your desired annual income for your family, the duration for income provision, debts to pay off, childcare costs, college funding for children, an emergency fund, and existing life insurance. Based on these inputs, it calculates your total life insurance needs to ensure your family is financially secure. For more detailed guidance, it suggests consulting with a qualified insurance professional.
You can find the calculator here.
