With any insurance, we often don’t realize just how much we need it until it’s too late. But with Life Insurance, it’s not you who has to cope with this–it’s your loved ones.
It’s understandable to want to put off talking about life insurance, but according to LIMRA, in 2016, 70% of households with children under the age of 18 say they would have difficulty paying for everyday expenses just few months after the primary wage earner died. Life Insurance is too important to put off.
If you own a business, your obligations become even greater. What happens to your business when you’re gone? If your business partner passes away, will you need to liquidate the company to buy out their family’s share? Life Insurance provides the invaluable gift of options and the funds to allow the surviving parties to make the decisions that benefit everyone.
There are so many ways a Utah Life Insurance policy can help provide a financially secure future. Personal Life Insurance can pay for things like income replacement for your family to maintain their lifestyle, mortgage payments, final expenses, medical debt, college tuition, and other financial obligations like personal loans. Child Life Insurance can cover funeral and other expenses during a time of such immense tragedy that the last thing anyone needs to worry about is how they’re paying for everything.
At Stratford Insurance Group we understand that end of life planning can be difficult so we make it our first job to listen, because your needs will be different from anyone else’s and we want to offer you only what you need. By focusing on what worries you, our agents can put your mind at ease by helping you identify future expenses that could put a preventable burden on your loved ones.
And they are preventable. The National Funeral Directors Association calculated that the median cost of a funeral in 2014 was $7,181. That’s only what was paid to the funeral home and doesn’t even include cemetery, monument, or flower expenses.
If the only thing life insurance could provide was the removal of this one hardship on your family during an already painful time–that alone would make it worth it.
There are two main types of life insurance: whole and term.
Term life insurance does just that–it insures you for a set term of years. If you were to die within that term, your family would receive the promised benefit. While term life insurance tends to have lower premiums, if you outlive the policy there’s zero payout at the end.
Whole life insurance insures your whole life and because of that basically guarantees a payout for your family. Whole life premiums tend to be slightly higher but the policy also accumulates cash value over time that you can borrow against or even forfeit your policy to cash out if need be.
Either way, life insurance premiums tend to be much more affordable than people expect. There are pros and cons to each type, and our Utah Life Insurance agents will patiently answer whatever questions you may have and provide easy to understand information so you can make the choice that’s right for you.
Having a well-planned life insurance policy is a gift of security and stability that protects what you value over everything else: your loved ones.
The first step of your path to protection is quick and painless: use the form below to get a quote today.
We can never be sure where the road of life will take us and Umbrella Insurance is that extra layer of protection for your financial security on your Path to Protection.