A reality of aging and changing responsibilities is the need to plan for the future. Much like writing a will or transferring property to family members, life insurance has become an important part of end of life planning, which is just as important as any traditional legal documentation that handles property and assets after death. Life insurance is also a good idea for those who are younger and may be concerned about protecting their families in the event of an emergency. Here are some common uses of life insurance.
1. The amounts needed for proper coverage may be significant. The amounts needed to provide adequate life insurance may be several times a worker’s annual salary, which most other forms of coverage do not allow. To reach this amount, life insurance is often a better option than relying on means such as savings and investments.
2. It gets more expensive as you age. Those who wait until they are into their fifth decade or later before purchasing coverage for their first time may find that the rates are way beyond what they would have paid by getting rates just ten or fifteen years earlier.
3. For family protection. Having one spouse or family members who are suddenly responsible for your mortgage and children can be a much larger financial burden than expected. Expenses are likely to be very high during this transition period, and not having life insurance can cause severe disruptions.
Bob Korvas Agency Inc. serving Niles, IL has extensive experience with life insurance and can discuss these issues with you further. For those who live in Niles, IL and the surrounding areas, Bob Korvas Agency Inc. is the best option to provide you with assistance and local knowledge of state insurance laws.