Many people put off considering life insurance protection for a number of reasons. Take a look at this list—do any of them sound like you?
- It’s too expensive. Monthly expenses like day care, car payments and student loans eat up a good portion of a young family’s budget. A lot of people think that life insurance is not necessary when money’s tight. But consider two things: life insurance is often not as expensive as you might think and if money is tight now, just imagine how tight it would be for your family if something happened to you or your spouse.
- Insurance is for babies and the elderly. These are very specific insurance products targeted to newborns (whole life) and the elderly (final expenses). There are many insurance options to cover adults in their working years and many reasons to consider them such replacing lost income, paying off a mortgage or covering college expenses.
- I’m strong and healthy! You eat right, stay active and you passed your last physical with flying colors! That’s GREAT! Unfortunately you are not immortal or indestructible. When you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones.
- I have life insurance through my job. Many people are offered life insurance as part of their employee benefit coverage. Often it is the first time they encounter life insurance and have no idea that a $50,000 policy, or one to two times their salary, doesn’t go as far as they think. It sounds like a lot of money, but it has to cover some or all of the expenses for your loved ones for many more years, in your absence. In addition, if you leave the job, it is common for the insurance coverage to be lost when you move on.
- I don’t have kids. Kids are a big reason why some people get life insurance. But that is not the only reason you need protection. If there is anyone in your life who would suffer financially from your loss, your spouse or live-in partner, a sibling, even your parents, a life insurance policy can protect everyone if something happens to you.
- Life insurance—it’s on my list. . . eventually. There is no deadline to purchase life insurance, no mandate. It’s possible no one has ever talked to you about its importance. Don’t let your “soon” turn into “I wish I had”.
At Johnson Bixby, we can get you past the roadblocks listed above. We can answer your questions, help you determine how much insurance you need, and make it work within your budget.