Death is an event that is often traumatic and emotional for surviving loved ones. In its wake are decisions that must be made and transactions that must be done to effectively handle the deceased’s estate and other personal and business concerns.
For example, the death of a breadwinner exposes surviving family members to burial expenses, debts, and possibly other expenses as well as the lose of a family income. The death of a key employee may result in a loss of credit, customers, suppliers, earnings, profits and possibly the business its self.
Term Life: Term life insurance is one of the more economical life insurance products. It protects a fixed term (i.e., number of years) of an individual’s life, or so long as the premiums are paid.
Whole Life: This product covers the insured person for the remainder of their life (whole life) as long as the premiums are paid. Although the premiums are more expensive the whole life policy offers advantages that are not generally available with the term life policy.
Universal Life: Universal is an umbrella term used to describe most life insurance policies that have some type of investment instrument (i.e., stocks, bonds…) included in the policy. Various carriers offer numerous options with these policies.
Final Expense: A final expense policy is designed to cover the costs associated with funeral and burial. These policies usually have restricted amounts on the face value.
The average cost of a funeral in Virginia is approaching $10,000.
Social Security only covers $255 of an individual’s burial expenses.
Six out of ten people do not have life insurance unless it is provided by their employer. Many times, these policies are employment term policies. If an individual leaves their employer, the policy lapse. Additionally, of the people who have life insurance, many are underinsured.
Life insurance is for the healthy. After someone has a health event it will be more expensive to get life insurance or even impossible to get the life insurance an individual may want or need.
Some of the factors that adversely affect the cost of premiums are age, smoking, diabetes, high cholesterol or blood pressure, heart condition and obesity.
Here are a few life events when individuals consider purchasing life insurance a priority to consider.
Life already holds uncertainty. Why add to it? Consider a life insurance policy to give your family members and loved ones peace of mind about the future.
If an individual has no life insurance, then they have decided to be SELF INSURED to protect their loved ones in the event of their death.
Here are a few of our life insurance carriers: