Purchasing life insurance coverage is one of the most important things you can do to safeguard your family’s financial future.
And the thing is, getting started with life insurance doesn’t have to mean getting swept up in doom and gloom!
Instead of thinking about the darker parts of it all, the important aspects to think about might be:
- “I’m taking steps to protect my family, and making sure that they’ll feel secure in a difficult time.”
- “Life insurance will have an enormous impact on their wellbeing down the line.”
- “I will have peace of mind, knowing that I’m providing for my loved ones for years to come—while also making a smart financial decision in the here and now!”
Thinking about all these things? Great! Then you’re in the right frame of mind to talk life insurance.
What Is Life Insurance?
To put it simply, life insurance is protection that provides a lump sum payment to your beneficiaries in the event of your death.
A few things to keep in mind:
- Life insurance is coverage you can customize. It’s important to understand your options and figure out how much and what type of life coverage will be right for you.
- It may pay to get started with life insurance when you’re younger, since you’re likely to be healthier and pay lower premiums, as a result.
- Even if you don’t have dependents, your life insurance benefits can still go a long way toward helping out your spouse, parents, or other relatives with major expenses.
- Not only “breadwinners” need life insurance coverage.
How Does My Family Benefit from Life Insurance Coverage?
As we mentioned earlier, life insurance policies typically pay out a lump sum to the beneficiaries you name. As a result, your loved ones will have the freedom to spend this money to best suit their needs.
This is a remarkable gift—one that could make all the difference when it comes to maintaining your family’s standard of living, even after you’re gone.
Here are just a few common items that life insurance payouts can be put toward:
- Leaving an inheritance for your loved ones
- Replacing loss of income
- School tuition
- Home or vehicle payments
- Covering debts (such as out of pocket medical expenses incurred from end-of-life care)
- Burial and funeral costs
- Estate administration and probate costs
- Charitable contributions
On the other hand, without the protection offered by life insurance coverage, your loved ones could be left scrambling to handle bills and keep their heads above water.
For instance, did you know that the average funeral costs between $7,000 and $10,000? Add school payments, home payments, and other daily living costs on top of that, and it’s easy to see how quickly your loved ones may get overwhelmed! In fact, research suggests that four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died.
Taking the simple step of getting coverage now is a key way to take care of those you care about later. And it’s easier and cheaper to get started than you might think!
How Do I Get Started?
Among consumers, there is a belief that life insurance is both costly and complicated. But a lot of these fears are overblown!
In fact, the 2017 Insurance Barometer Study from Life Happens, a non-profit organization, found that a majority of consumers “tend to overestimate the price of life insurance,” often by as much as “three times the actual cost.”
As Life Happens points out, this “this lack of understanding leads to insufficient coverage,” which can have “grave consequences for countless families.”
Indeed, according to Life Happens:
- Nearly 40 percent of respondents say they wish their they wish their spouse or partner had more life insurance coverage
- 85 percent of respondents “agree that most people need life insurance,” yet only 59 percent say that they actually have life insurance
In that same study, consumers expressed a preference for a simple, easy-to-understand insurance process, with quick sign-up options and the “ability to chat with a person” at all times.
That’s where the Enrollment Specialists would love to step in! Led by insurance superhero Matt Peebles, we’re here to be your resource, your advocate, and your one-stop-shop for all things life insurance!
Matt Peebles is an experienced health and life insurance consultant who has hundreds of satisfied clients all around the country. Matt will talk with you and get to know you and your unique circumstances. From there, he can help you customize the life insurance policy that will work best for your family, making sure that your costs are minimized and your coverage is at its peak.
The Enrollment Specialists don’t believe in cookie-cutter care, and we truly believe that there is a plan out there for everyone. We’ll use every tool at our disposal to make sure that you’re satisfied with your policy, so that you can rest easy, knowing that your family’s dreams for the future will always be protected.
And unlike other brokers out there, we won’t disappear after we’ve helped you find your perfect life insurance plan! Instead, with Matt, you will always be able to proudly say, “I Got A Guy!” for all things health and life insurance. He’ll be your go-to guy, serving as your advocate and main point of contact whenever you have any questions or concerns about coverage for the entire life of your policy.
Ready to reach out to Matt and the rest of the Enrollment Specialists team? Drop us a line today to get the conversation started!