There aren’t many gifts that keep giving financial security and peace of mind years after they’re received, but life insurance is definitely one of them. While it may not be featured on the “Top Gift” lists of the season, life insurance provides benefits that are critical to every family.
According to LIMRA’s 2013 Life Insurance Barometer Study, consumers agree that most people need life insurance, yet just 62 percent of respondents actually have it. The study also found that among households with children under 18, 40 percent of respondents said they’d have difficulty with everyday living expenses if their family’s primary breadwinner passed away.
While an unexpected death is not something anyone likes to think about, especially around the holiday season, providing your family with financial security is one of the most loving gestures you can offer. That’s why, with the focus on family, the holiday season is actually one of the best times to consider gifting your loved ones with the benefits of life insurance:
Life is uncertain. Life insurance can protect your family against the risks related to losing the financial contributions of one of its members and ensure that those who remain can continue to enjoy a good quality of life.
You’ve heard it many times, but one of the key benefits of life insurance is that it provides a bereaved family with financial security. Consider both the short-term expenses (funeral costs and credit card bills) and the ongoing costs (mortgage payments, education expenses, day-to-day utility and household bills) that your loved ones will have to cover if you pass away unexpectedly. How will they manage these obligations without the funds provided by a life insurance policy?
Life insurance not only provides financial support in the event of untimely death, but it can also be a long-term investment allowing you to meet goals such as funding your children’s education, building your dream home or planning a comfortable retirement. The type of life insurance policy you choose should align with the stage of life you’re in and your chosen investment risk level. Our insurance professionals can help you determine if a life insurance policy is an appropriate investment vehicle for you.
Protection for future generations
If you’re a grandparent, buying a life insurance policy for your grandchildren is a thoughtful and savvy gift for several reasons. The younger the insured, the lower their policy premiums will be. Buying insurance now while your grandchildren are young can save you (and them) a lot of money over the long-term because you lock in the terms. Then, even if your grandchildren were to get sick in the future, they’ll be assured of having life insurance instead of being “uninsurable.”
A valuable legacy
If you’re past the stage of raising a family, the proceeds from your life insurance policy can help you ensure that you leave a lasting legacy by providing a monetary nest egg for your loved ones or perhaps a significant gift to a cause or organization you care deeply about.
With such important benefits to bestow on your family—we encourage you to consider wrapping up a life insurance policy for your family this holiday season. Let our team of insurance professionals help you determine the best life insurance policy for your needs with a coverage review. Life insurance is one gift that you can be sure your family will continue to thank you for now and in the years to come!
Charlie Retherford has been with Kemner Iott Benz for more than 15 years and is the claims representative in our Cassopolis office. Charlie is a member of the Board of Directors of the Cassopolis-Vandalia Chamber of Commerce and volunteers with many other organizations and events in the area. She enjoys welcoming exchange students into her home from all over the world. Her first love is her family and then her awesome Cocker Spaniel, Clyde. Her pastimes include antique shopping, touring grand homes and reading.
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