Imagine this: Dropping the kids off at school, you get a phone call from a close friend. She is holding back tears as she lets you know that her husband had been diagnosed with cancer. He is in good health and has a good chance of overcoming the disease; yet, it was detected a bit late and poses a legitimate risk. In the midst of your shock, she lets you know that her husband never finalized the life insurance policy he had been meaning to get all these years. The couple has two children; one in high school and one in college, and the expenses are growing as fast as the kids.
She hopes he will beat his cancer and they will have many years together. But if the worst does happen, this mom will not only be faced with the loss of a spouse, but also with an unexpected financial burden that may uproot her whole family’s life.
Hope for the Best, Prepare for the Worst
Life is all about balance, and as parents, we know that first-hand. In every family, each member provides a unique function that makes the unit work. However, when faced with tragedy, how do you maintain that sense of balance for both your family and for yourself?
Life insurance provides assurance of the financial safety of loved ones after death. When looking to purchase life insurance, one should consider all current expenses, as well as, the potential arising expenses in the event of a loss. Identifying your situation is essential, as there are several different types of life insurance coverage options available. Three of the most common include the following: Term Life Insurance, Whole Life Insurance, and Universal Life Insurance.
1. Term Life Insurance
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It is generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one-year (annual renewable term) to 20-year (level term) period.
2. Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. This type of coverage can be an investment opportunity, as many whole life insurance policies also build cash value over time.
3. Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
Don’t Be Too Busy
It can be easy to let financial matters slip by with the hectic pace of day-to-day life. As moms, we have so much on our plates that even when we try to plan for the future, we often lack the time to thoroughly research our options. By choosing to call River Tree Insurance, a trusted local broker, you receive guidance on what type of coverage is right for your life and expertise on which carrier provides the best value. With the many unique factors of your situation in mind, our trusted, dependable team will work to build a policy that serves as protection for your family now and for years to come.
Consider what your family’s plan is in the event of an unexpected loss and contact us today for a quote that could make the difference in your family’s future welfare.