The Shocking News...Most People Do Not Have Enough Life Insurance
June 14, 2015
Why Consider Life Insurance?
According to the latest information, most people do not have enough life insurance. Only 6 out of 10 people have even considered life insurance, and many who do have life insurance don’t think they have enough. 70% of households with children say they are just barley meeting needs. But what would happen to those families if income was lost due to the death of a spouse?
Over 80% of people over-estimate the cost of life insurance. In reality, life insurance is very affordable and provides your family with financial peace of mind upon your passing.
Benefits of Life Insurance
1. Payment on Debt – If you have any outstanding debt (like a mortgage) at the time of your death, it does not go away. Your estate will still be responsible to settle all accounts.
2. Continuation of Income – Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish, and there’s a very good chance that your family will experience a lower standard of living.
3. Unpaid Medical Expenses – It is highly likely that you will have medical expenses prior to your death; some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses are well taken care of.
4. Funeral Expenses – Most people don’t plan, or fund, their funeral expenses; again life insurance is there to help.
If a business owner has family members who depend on the income from a business, which might not continue if he or she were suddenly gone, the proceeds from company-owned life insurance could help replace the lost income and help protect the family’s quality of life while they adjust and move on.
At Innovative Insurance we believe our greatest asset is the relationships we build with our clients and we are dedicated to being the right choice for all of your insurance and financial needs. We take pride in our ability to tailor a comprehensive insurance package that maximizes your insurance protection while minimizing money out of your pocket. Learn more about our Life Insurance coverage by requesting a quote or contacting an agent today.