You probably have several insurance policies under your name, ranging from homeowners insurance to car insurance. These are all to protect you financially in the event of an unforeseen accident. But do you have life insurance? If anything should happen to you, life insurance will help protect your family financially. Don't make the mistake of thinking that you are too young and healthy to need life insurance. As we all know, life is fragile and accidents can happen at any time.
The death of a person almost always results in financial loss for their family. There are many costs associated with a death–from legal fees concerning the last will and testament to funeral costs. And an even more serious issue, what if the family of the deceased depended on his or her income? Without life insurance, the spouse of the deceased will be left to deal not only with grief, but also with the stress of figuring out how to pay the mortgage, car payments, and grocery and utility bills. That stressful financial upheaval can be especially hard on families raising young children. Life insurance is there to help cover all of these costs, and can even help secure an education for the children’s future.
The common misconception is that only older adults need to worry about life insurance. However, adults of any age-especially those with dependents-should strongly consider purchasing a policy to make sure their loved ones are financially secure. Even those families who have grown children should have life insurance – you never know what kind of financial troubles might occur in their future. Life insurance is also a necessity for the small business owner. Life insurance policies can contain buy-sell agreements that give ownership to the surviving business partner or arrange payment from that partner to the family.
Don’t be fooled into thinking that just because you are healthy and young, you don’t need life insurance. Youth and good health can actually be a benefit towards buying health insurance, since your premium won’t be as costly. For more information about life insurance policies and to have your life insurance situation evaluated, contact CCW and speak to one of our New Jersey independent insurance agents.