Death is a guaranteed part of life, and it often is unexpected. No one is promised tomorrow. It is difficult and painful to lose a loved one. When a family has been depending on that loved one’s income, it can be doubly stressful.
It has been said that life insurance is money from the heavens above, provided by someone who has departed this life. It is not a replacement for the departed’s life, but it makes life somewhat easier for those who remain behind. It can be a valuable gift to someone who is hurting.
People in all stages of life need life insurance. A college student with student loan debt needs it. A young married couple with two incomes needs it. New homeowners need it. An elderly person whose pension supports a spouse needs it. Many parents even carry smaller amounts of insurance on their young children to cover funeral expenses in case of a tragedy.
Life insurance can save a small business from being ruined. If a key person in the business is suddenly gone, there will be a void in experience and expertise that is not easily filled. Keeping the business moving forward can be critical to remaining financially solvent, especially if the business partner is a spouse. The shock of losing a partner may be insurmountable without that emergency infusion of cash to continue operations.
When losing a spouse, there is so much that must be processed emotionally. But life does not stop. There are immediate questions that must be answered:
“How will the bills get paid?”
“Can we keep the house?”
“How will I get the kids through school?”
“Do I even have enough money for a funeral?”
Insurance planners can tell so many sad stories of people who failed to prepare, to the point even of declining life insurance from an employer that would have cost less than a dollar a day when deducted from one’s paycheck. Such decisions can make the situation that follows a loved one’s death even more catastrophic.
The insurance marketplace can seem overwhelming, but BeneTrend Partners can help you navigate it and find what best suits you and your family.
There are dozens of products in the insurance market, but in general there are two main types of life insurance.
Term insurance is valid for a particular time frame, such as 10 or 20 years. That period is the term of the policy.
The insured is essentially renting insurance, albeit at a less expensive rate than many other policies, and must renew it at the end of the term under adjusted conditions due to age and other factors.
Whole life insurance is something you always own —for your whole life. It accrues cash value that can be
accessed by the insured when necessary for a financial emergency or to use as one sees fit.
Juvenile life insurance is available for any young person between two weeks and 17 years of age. For a one-time payment of $300, a $10,000 insurance policy is guaranteed until the insured reaches the age of 26. This is becoming more popular with grandparents who are raising their grandchildren, and it is so affordable that it is even a great gift idea for grandparents to give their children who now have children at home.
Contact BeneTrend Partners today and see how our insurance professionals can help you guarantee that your unforeseen family tragedy does not lead to a financial one. If you own a business, this is one great benefit that most owners and employees absolutely see it as a win. As competitive as the marketplace is to attract employees, providing life insurance can sweeten the benefits pot for the potential employee.
