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You know what it takes to provide and care for your family. And, you understand both the immediate and the ongoing expenses that would have to be met if you suddenly weren’t there. What you may not know is how simple it can be to purchase life insurance coverage. That way, your family will have a financial resource should the unexpected occur.
Consider term life insurance if you’d like an affordable way to cover specific financial responsibilities, like a mortgage or college, for a set period of time.
This is the No. 1 reason Americans don’t purchase life insurance. Sixty percent of people cite cost as the main factor, according to LIMRA. Yet more than half of Americans overestimate the cost of life insurance by threefold. “In my 15-year career, rates have actually gone down at least three times,” points out Jacobi. “A 25-year-old can buy a million-dollar term policy for as little as $25 a month. Clients are often surprised at how affordable it can be.”
Your stay-at-home spouse may not work in the traditional sense, but all that cooking, cleaning, grocery shopping, and parenting go well beyond the average 9-to-5 job.
“My wife has never really worked [in a salaried position], but she has the full-time job of raising our two wonderful children,” says Jacobi. But if his wife were to die, he explains, he would be “an emotional mess and [his] ability to work [would] be somewhat depleted.” That, and he might have to quit his job in order to raise his kids or hire a helper.
The average maximum life insurance policy from a job pays only around $200,000, according to the U.S. Bureau of Labor Statistics. That amount may not be enough to replace your income if you have a spouse, children, or debts. And you usually can’t take a life insurance policy with you if you lose or switch jobs. “I tell clients not to even count [on] it because the second you’re laid off, you don’t have it,” says Jacobi. “While some companies do offer portable life insurance plans, the rates are typically much higher than what you would pay for private insurance.”
When it comes to life coverage, waiting until your health starts to get worse is not the best time to seek coverage. “If you’re young and healthy, it often makes sense to lock in that long-term rate, because there can be a significant cost difference between buying life insurance in your mid-20s and in your mid-40s,” says Silas Jessup, a HealthMarkets executive sales leader and licensed insurance agent in Northern Indiana.
Plus, poor health and old age aren’t the only causes of death. Unintentional injuries such as poisonings (including narcotics), motor vehicle and traffic accidents, and drownings are the leading causes of death among people between the ages of 25 and 34, according to 2019 data from the Centers for Disease Control and Prevention.
More than 1 in 4 (27%) American adults under the age of 65 currently live with a pre-existing health condition like heart disease or type 2 diabetes. That’s a lot of people, but some insurance carriers can take this population into account: Poor health is not an automatic denial for all coverage.
With certain types of life insurance, you can get a policy without taking a medical exam. These are known as simplified issue life insurance policies. “You can get up to $300,000 of life insurance approved in a matter of minutes after you just answer several questions,” points out Jacobi.
You may have a lot of assets, but they may not be liquid, meaning you can’t access their cash value right away. And they may be taxable. Subject to meeting policy requirements and payment of all required premiums and payments, “With life insurance, your family is guaranteed an exact amount of money at an exact point of time,” says Jacobi. A type of life insurance known as permanent life insurance can also be an investment strategy (read more about it below). “Smart investors sometimes use permanent life insurance as a vehicle to accumulate cash value and interest on a tax-favorable basis,” he says.
And while your assets may be enough to financially support your family for several years you may use those assets for your own long-term care. “Whether it’s final expenses, paying off debt, or offsetting the cost of long-term care needs, there are many reasons that folks might want to consider life insurance, even after age 50,” says Jessup. Speaking of…
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Life insurance might seem straightforward: You buy a policy, pay for it annually or in installments, and then, when you die, your policy provides benefitsbenefitsThe health care items or services
No matter where you are in life, death feels far away and hard to imagine for many people. While you don’t need to dwell on your mortality, end-of-life planning can be important. Preparing now means that you can make sure your loved ones will have the financial support they need when you’re gone. Life insurance and a will can be essential. Together, they help provide financial assistance to your l
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