Benjamin Franklin famously said, “Nothing in life is certain except death and taxes.” We plan and prepare for taxes every year, but it’s just plain human nature that we don’t like to think about or plan for our own mortality. It’s a subject that is uncomfortable for many of us but making financial decisions about Life Insurance is vital to ensure that our loved ones will be taken care of in the manner they deserve should we meet an untimely death.
One myth is that we only need Life Insurance if we have young children. The real test as to whether we need coverage is whether we have people who depend on us. That would definitely include children and any dependents. It would also include a spouse so that they could maintain a decent lifestyle on their own. It can pay funeral expenses, cover a mortgage, pay outstanding debts, and provide resources for your children’s education. And if you are a business owner, Life Insurance can protect key employees and business partners, ensuring the continuation of your business.
Another myth that many people believe is that because they have a Life Insurance policy with their employer, they are sufficiently covered. It can make good sense to have a supplemental stand-alone personal policy because if you change jobs, you lose your coverage.
At Hitchings Insurance Agency, we view Life Insurance as a key component in financial planning. We will help determine how much Life Insurance you need based on your goals, your dependents, and a variety of life factors. There are many plan variations, but essentially two primary types of Life Insurance: permanent insurance, which includes Whole Life, Universal Life, and a few other options and Term Life, considered a “pure” type of Life Insurance. We will walk you through the differences to find the right solutions for your unique circumstance and budget.
If you’d like to talk about the many Life Insurance options available to you and your family or for your employees at your business, give us a call at 419-423-9145.
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