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Life Insurance Has Value for Families

Are you one of those people who think you don’t need life insurance? Please think again. Life insurance provides real security for those you care about. Life insurance benefits can provide financial security and resources for your family or loved ones after you are gone. Let’s look at a few of the reasons to consider life insurance:

  • Payment on Debt– If you have any outstanding debt (mortgage, credit cards, etc.), at the time of your death it does not go away. Your estate will still be responsible to settle all accounts. Life insurance can provide the financial resources to cover debt.
  • Continuation of Income- Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish with the loss of an income earner, which means your family will experience a lower standard of living. The death benefits of a life insurance policy can prevent this from happening, or at least keep the impact to a minimum, by replacing income lost with the demise of the breadwinner.
  • Unpaid Medical Expenses- It is highly likely that you will incur medical expenses prior to your death, some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses are covered.
  • Funeral Expenses- Most people don’t plan for, or fund, funeral expenses.  Again life insurance is there to help.

Life Insurance for the Stay at Home Mom

There are many good reasons to consider life insurance for a stay at home mother. Moms who stay at home contribute to the family in many ways. Salary.com recently calculated that in 2013, a stay-at-home mom in the United States was worth about $114,000 per year. While that six-figure salary may sound good, in order to earn it, Mom put in a 94-hour work week. The average daycare rates are about $10.00 per hour.

Life Insurance Costs Are Down

The good news is that life insurance rates are low and there are many different kinds of products to select from. One question we often get is, “How much life insurance do I need?”  The answer to that depends on your individual situation, but the general guideline is, a life insurance limit of at least ten times your annual gross income is where to start. For example, if you earn $50,000 per year, your family would need to replace somewhere close to that amount. A $500,000 life policy could return $45,000 to $50,000 annually, depending on interest rates.

So, maybe you’re starting to see the need for life insurance … right? Don’t put it off! The younger you are when you get insurance, the lower the cost and the easier it is to get approved. 

Alternatives Insurance® Agency was established in St Louis County in the fall of 1992 .  Throughout the remainder of 1990's and through the millennium, additional locations were opened in order to service North and West St Louis, Saint Charles and Jefferson Counties.  The demand for our products continued to increase motivating the partners of the organization to develop a business model in an effort to continue the growth and success without losing our superior customer service values.       
 

Posted 6:32 PM  View Comments

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