Life insurance offers a way to secure your family's future if the unthinkable happens to you. If you were to die within the policy's terms, the policy would provide a payout (the death benefit) to your beneficiaries. This benefit can help them with every day expenses, school, loans and more.
Simple questions to help consider if life insurance is right for you:
Do you have a partner/are your married? If you do, could your partner make ends meet if something were to happen to you?
Do you have children? Children depend on their parents financially for everything from food, clothing, school expenses and more. How would their caretakers navigate these expenses?
Do you have a mortgage? Who would take over the bill in your passing and could they afford it?
Do/will your children go to college? It's no secret how expensive college can be, from tuition, books, and boarding. The average NY state college is around $8,000 a semester, expect to pay much more at a private school.
Do you have a car loan? The average car loan is $35,163. Would someone still rely on your vehicle for transportation, and how would your car be financed in the future?
Are your funeral expenses paid for? We see too many donation pages for end of life expenses. Don't leave your loved ones stressed over the cost of taking care of your final expenses. In 2019, the average funeral cost in NY is over $7,000.
How is your family's health care situation? If your employer is the source of health insurance, where will your family go for care after? How would the monthly premium affect their living?
After considering these questions, we think it's clear how impactful life insurance can be. It is often more affordable than you may think. Different policy options can help achieve an affordable premium.