As difficult as it is to think about your own mortality, this is one circumstance where ignorance is not bliss. Hospital bills, end-of-life care, and burial/memorial expenses can be debilitating for your surviving family and friends. And if you pass away suddenly, this financial stress only adds to an overwhelming emotional burden.
Yet despite the necessity of this coverage, more than half of all Americans have no life insurance and those that do tend to be underinsured.
Whether you have a family or not, your passing will have an impact on those you leave behind. And there is no better way to make sure that they are taken care of than a life insurance policy.
Protection For Those You Leave Behind
Your life insurance policy isn’t meant to benefit you; rather, it lessens the impact of your death for your next-of-kin.
Your spouse, children, a family member, or a friend will be left with the burden of paying your outstanding debts, selling your home, planning your funeral service (the average low-key funeral is now $10,000), and any other miscellaneous tasks that arise.
But life insurance is not just about leaving an inheritance or paying off debt. That payout can allow your loved ones to grieve and cope with their new normal without worrying about their financial state. Life insurance can even go towards your children’s college funds or a beloved charity.
And the best news? Giving your dependents the gift of economic stability is not as expensive as you might think. For an average, healthy, 35-year-old male, a $500,000 20-year term policy may be as little as $35 a month.
The Coverage You Need…On Your Terms
Your expenses and lifestyle are very different from those of your friends, family, and coworkers. Why should your life insurance policies be the same?
Of those Americans who have life insurance coverage, more than a quarter are relying solely on an employer-paid group policy to adequately provide for their family in the event of the policyholder’s death. However, most group policies only pay out about 2x your annual salary—a far cry from the 10x or 15x recommended by most experts. Not only that, your policy likely won’t travel with you if you change or even lose your job in the future.
Your life insurance coverage should reflect your needs.
Buying a policy online is quick and convenient, but a website can’t offer you the personalized service of a real-life independent insurance agent. At Harry Levine Insurance, we take the time to get to know your family, fears, and goals for the future to find an insurance policy that’s right for you.
And as your personal situation changes (i.e., marriage, birth of a child, or job promotion), so should your life insurance. Having an independent insurance agent on your side can ensure that you have the coverage that makes the most sense for you as your needs change.
Your Life Insurance Experts
We’ve spent the last 30 years building a reputation of honesty, integrity, and unmatched customer service in the Orlando area. We’re not just insurance agents, we’re customers, too. And we put this firsthand experience to work every day to make sure our clients have the best coverage possible for them.
At Harry Levine Insurance, we don’t work for the insurance companies, we work for you.
Life insurance is one of the most underused policies on the market today, yet it is also one of the most essential. Everyone can benefit from having life insurance coverage and it only becomes more expensive the longer you wait to purchase it.
If you have questions about your existing coverage or you’d like to purchase a policy, we’d love to hear from you! Visit our office, call, or submit a quote form so we can get to know you better.
Want to learn more? Take a look at our blog or read these articles on life insurance: