Clay Dangerfield
Many people realize the need for life insurance but keep putting it off until it is too late.
You may think that life insurance is confusing, expensive and complicated. You may think you don't know enough to make the right decisions for you and your loved ones. But, postponing this decision leaves you and your family exposed financially.
Assumption No. 1: I will always be able to buy life insurance.
Reality No. 1: You could develop a health condition that makes you uninsurable or could make life insurance too costly for you.
Assumption No. 2: I will get life insurance later, when I am older or have a family.
Reality No. 2: Life insurance is needed at all stages of life. Whether married or single, male or female, with children or without, you may have financial obligations that need to be met. In short, if you have a loan and don't have enough to pay the loan off, then it is wise to carry life insurance. Life insurance provides financial security for you and your loved ones.
Assumption No. 3: My family and I are covered by the group insurance at work.
Reality No. 3: To meet the future needs of your family, you need to have at a minimum seven times your annual income. Most group term insurance amounts offered by employers will not meet this need. And, when you don't work for that employer any longer, you usually lose that coverage. If you develop a health condition between jobs than you could become uninsurable.
Assumption No. 4: Life insurance is too expensive
Reality No. 4: It is too expensive to not have life insurance. Plus, life insurance rates have become more competitive as people are living longer.
Assumption No. 5: My husband has life insurance so I don't need it.
Reality No. 5: Women often live longer than men. There are countless stories of men who had to shoulder the family financial burden along with the emotional burden after their wife passed away.
Assumption No. 6: My family can cover funeral and burial expenses.
Reality No. 6: Burying a spouse or loved one is the most stressful time in a family's life. Having life insurance reduces financial concerns for the family.
Assumption No. 7: I am a stay-at-home mom or dad so I don't need life insurance.
Reality No. 7: Just because you don't bring home an income doesn't mean you should go without life insurance. In fact, if you add up what a stay-at-home mom or dad does, they are worth in dollar figures more than you think. Try telling your boss that you will have to arrive at work late and leave early so that you can get your children to school.
Take the time now to review your needs and provide adequately for yourself and your family.
For more information or to review your current plan, seek an agent who you know and trust.
Clay Dangerfield is married with three children, an Eagle Scout, and a business owner.
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