A version of this article was published in the Morristown Citizen Tribune on May 16, 2018.
By: Andy Smith
In May we celebrate our mothers. Mothers can be the family counselor, disciplinarian, or breadwinner—or maybe a combination of all. Throughout life, mothers encourage, teach, and love.
Purchasing life insurance can also be an act of love. In fact, many people call life insurance “love insurance” because it’s a selfless decision to benefit your loved ones.
Facing one’s mortality and potentially leaving survived loved ones can be unsettling. However, there is no greater gesture of love than making sure your family will be financially protected in the event of an untimely death.
If you are a mother, planning ahead can alleviate problems over the long run and protect your children, spouse and loved ones from financial distress. Life insurance can pay for your funeral costs, monthly household bills, outstanding debts (including credit cards and the mortgage), protect a family business, pay for college tuition, and protect your spouse’s retirement plans.
Life insurance can also be beneficial during your own lifetime. Depending on your policy, life insurance may be borrowed against to pay down debt, buy a house, and policy dividends can provide an additional income.
Lastly, many life insurance plans are extremely flexible and can be modified as needs change. Death benefits can be decreased, and premiums can be skipped, reduced, or increased.
The most common misperception about life insurance is that it is too expensive. In fact, people with no life insurance overestimate its cost by three times.* Life insurance can be very inexpensive, and there are policies to fit every financial plan. Take a look at your monthly budget and see what you could allocate for a long-term benefit. If you spend $35 at Starbucks every month, consider becoming a barista at home and use that money for the peace of mind in the form of a life insurance policy.
At Strate Insurance Group, we have a local team of talented life insurance advisers who can help you find a price and a plan that work for you and your family’s budget. If you’re interested in exploring life insurance options with one of our staff, fill out this contact formand someone will follow up with you shortly.
*2013 Insurance Barometer Study, conducted by Life Happens and LIMRA (source)