Do I Need Life Insurance?
It can be difficult to pull the trigger on adding another recurring expense to your household. Between your mortgage/rent, groceries, cell phone, and other household necessities the bills add up fast. When it comes to life insurance, however, that extra expense can make all the difference in the world to your family should the unthinkable ever happen. Consider the following questions to help you determine whether or not a life insurance policy makes sense for you.
Do you have debt?
If you’re like most Americans, you will have likely have some combination of mortgage, car payment, and student loans. A life insurance policy with a death benefit equal to or higher than your debt obligations will go a long way in taking care of those you leave behind.
Can your family afford to pay funeral expenses out of pocket?
Even the most simple funeral service can cost multiple thousands of dollars. Having an adequate life insurance policy will ensure that your family won’t be burdened with major expenses and additional debt.
Can your family afford to lose your income?
For most of the middle class, the answer to that question is a resounding NO. Even if, for example, you are married, your spouse works, and you are a stay-at-home mother, replacing you with paid childcare would be a major expense.
Do you own substantial property or assets?
Heirs often find themselves burdened with huge estate tax bills. You can substantially lessen this burden by naming your heirs as beneficiaries on your life insurance policy.
Can you put a price on peace of mind?
When it comes down to it, the cost of life insurance coverage is really quite affordable. If you have a pre-existing health condition or if you’re a smoker the cost can dramatically increase, but for most people, it will not break the bank. Usually, you can even choose whether to pay your premium monthly or yearly.
Still have questions about life insurance? Our agents would be more than happy to help you determine the best option for your needs. Contact the Trottier Insurance Group today or call us at (262) 652-7963!