4 Things You Need to Know About Life Insurance

Posted by on Jan 17, 2017 in Life Insurance

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Happy young familyLife insurance is a term most people have heard but not something everyone takes as seriously as they should. Life insurance protects beneficiaries upon insured individuals’ deaths. Without a life insurance policy, your family members and loved ones could be left with wage losses, debts, funeral expenses, as well as other financial burdens and costs associated with your death. These added — and sometimes unexpected — costs add to emotional burdens when we lose loved ones.

There are many things you should know and consider when determining life insurance coverage needs for yourself and your loved ones, but these four are vital:

  1. You need it. Life insurance is crucial for everyone who has or could have someone financially relying on them for support. This may include, for example, those with significant others, kids, elderly parents, or other dependent family members. Life insurance beneficiaries can use the funds to cover funeral costs as well as other end-of-life debts or expenses when loved ones pass.
  2. Life insurance is not always expensive. Life insurance does not have to be overly costly to provide adequate coverage, and the younger a person is when he or she applies, the less expensive it will be.
  3. There are many types and coverage options. Life insurance is available in a variety of forms, coverage amounts, and terms. Term life insurance covers the insured individual for a specific number of years. Permanent life insurance has a similar term system but also includes a savings account for coverage in the event the insured person lives beyond the term.
  4. Don’t wait to get insured. Insurance is often less expensive the younger an applicant is before health problems develop. Certain conditions may preclude a person from coverage, so it’s best to add an insurance policy earlier in life.

If you haven’t considered life insurance, it’s best to get the coverage you need today for lower premiums — and to protect your loved ones. An insurance broker can help you find a policy that fits your needs and budget.

Do you have questions about your life insurance coverage and options? Concklin Insurance professionals specialize in life insurance and can help you navigate the process. We work with a variety of top-rated insurance carriers and will help you determine your priorities to ensure you’re properly covered. Contact us for more information.

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