Today is National Insurance Awareness Day! It’s the perfect time to assess your life insurance coverage and double check that you have a Plan B and that is a good fit for you and your family. The right coverage is customized to your needs, not one-size-fits-all. Your needs can change when big life events occur – a new baby, college or retirement are just some factors to consider. If you don’t have life insurance at all, perhaps you’re reading this and thinking you don’t need it. Here are some reasons you do:
I Can’t Afford Insurance
If you’re thinking you can’t afford insurance, it may be more affordable than you think. Pricing varies widely based on the coverage you select, where you live and your insurer. Depending on your type of policy, life insurance can be fairly cheap. What you can’t afford is not having any insurance.
I Don’t Need Insurance
You never know what can happen in your life, but having the right insurance policy can give you financial protection and can help lessen your family’s burden, stress and pain when a tragic or unexpected event occurs.
Insurance Isn’t Important
If your family depends on you for financial support, then life insurance is important because it replaces your income when you pass away. If they depend on you for caregiving at home, then life insurance could cover the costs of hiring someone to do the day-to-day household tasks, like cleaning, cooking, childcare and more that you did. Life insurance also provides a way for your family to potentially cover any outstanding debts on credit cards, car loans or a mortgage. Funeral and burial costs can also be expensive. Your coverage can help ease their financial and emotional burden.
You can also create an inheritance by buying a life insurance policy and naming your heirs as beneficiaries. This can help set your kids’ financial future.
Money can’t replace a person. But having a good life insurance policy can ensure your family is taken care of should something happen to you. On this National Insurance Awareness Day, take the time to make sure you are properly covered.