By: Chuck Greenewald
It’s a topic we all enjoy thinking and talking about — says no one ever. We all know it needs to be addressed at some point, and that it applies to all of us. Most often it is an important life event of one kind or another, or something we see online or in the news, that brings it to mind more forcefully and motivates us to take action for ourselves. That topic is the need for life insurance.
So why is life insurance important, and what can it do for you?
Why Life Insurance Is Important
Broadly speaking, insurance is all about managing risk – reducing or mitigating impact of potential loss and the uncertainty of loss for you, your family, or your business. When discussing life insurance, the risk being considered is the loss of life. Now, we all know that we are going to die someday. That’s the plight of humanity. The question is not,“Will I die?”, but, “When will I die?” For most of us, that is something we cannot absolutely know.
So we have the certainty that loss will occur, and uncertainty as to when that loss will occur. Because so many things can and do happen in our lifetime – some of which we plan for and many of which we do not expect – we want to plan ahead the best we can taking into account what we do know, and then take steps to reduce the adverse financial impacts on our estate and loved ones for the things we cannot know, such as the time of our death.
Some Good Reasons to Own a Life Insurance Policy
There are several benefits of owning a life insurance policy. Among the most important are:
- Pay Off Debts: If you are like many Americans who have struggled financially over the past 10 years due to economic factors or difficulty finding and maintaining steady employment, you may have built up some credit card debt. You might have a mortgage on your home and one or two car loans that, if you were to die at a given point in time, would leave a serious financial burden for your spouse and children. Life insurance proceeds can be used to pay off debts such as these, leaving your loved ones in a more secure financial position. Plan now, avoid being a GoFundMe page in the future.
- Pay for Funeral and Burial Expenses:The simplest of funerals typically costs anywhere from $5,000 to $10,000, which can be a burden for family you leave behind.
- “Keep the Lights On”: Anyone who has been out on their own for a little while knows how expensive it can be just to keep the lights on and food on the table. Life insurance proceeds can provide your loved ones with much-needed cushion for daily living expenses.
- Provide for Your Children: Proceeds from your life insurance policy can help ensure that your children have the opportunity to pursue a higher education or buy a home.
- Protect Your Business: A life insurance policy is often used by corporations to cover the loss of key business executives, partners, and employees. This can be extremely important regardless of the size of the business, and a small to mid-size business can really suffer depending on how difficult the key individual is to replace.
- Retirement: Permanent (or “whole”) life policies accumulate cash value over the life of the policy that can be borrowed against. Whole life insurance policies can be utilized to provide additional financial cushion during your retirement years.
Hopefully this brief overview has been helpful in addressing why life insurance is important. Georgia Health Insurance, Inc. can help you with your life insurance needs. Ultimately, life insurance can provide peace of mind for you and your loved ones. We can help you compare over 20 companies and select the best plan for your needs.
We also specialize in helping individuals with health conditions get health insurance. We have the ability to shop your case across the industry to get you the best offer directly from the insurance carrier. We have helped people get approved when others could not.
To discuss your individual life insurance needs with a professional, call Georgia Health Insurance, Inc. today at (770) 452-9335 and ask for Licensed Agent Daniel Potter, or schedule a meeting with Daniel by accessing his calendar online. We can also help you with group and family health insurance, Medicare, long-term care insurance, disability insurance, dental insurance, and vision insurance.
We hope to have the opportunity to be of service to you soon!