If you are like me, you’d do anything to protect your family from harm. You have home insurance and auto insurance. But what if something happens to YOU? Nothing can truly replace the loss of a life. But with life insurance, your love can live on, by helping to provide your family with a solid foundation.
Life insurance helps provide your loved ones with a level of financial security after you’ve gone. My theory has always been “Hope for the best, Insure for the Worst” and one of the worst things I can think of is no longer being around to provide for my family. My kids having no money to pay for their education. My wife not being able to pay the mortgage. My family means the world to me, and I want to be able to provide for them at least financially if I’m no longer on this planet.
The thing I think about is how much income my wife and kids would need to remain financially stable without my income. A lot of employers used to offer life insurance plans, although today, that benefit in Florida seems to be no longer available, and if it is, it’s usually not enough. In southwest Florida, many of us are Self Employed, which makes life insurance even more important. The general rule of thumb has been 7-10 times your annual income. But I think it’s also important to consider a client’s amount of debt and financial obligations, along with what you can afford. The best life insurance policy in the world, is worthless, if you can’t afford to make the payments each month.
Your premium will depend on a range of factors including your age and how much coverage you want. If you’re looking for cost-effective insurance you may want to do like I did in my early 20's (by the way, long before I was an insurance agent) and purchase a term life policy. These policies are more affordable and if you’re young and healthy this can be a perfect solution to lock in some fantastic rates that you can convert to a permanent policy later on in life when you are more financially stable.
Usually less expensive because it provides death benefit protection without the build-up of a cash value. Premiums are typically paid monthly (same amount every month) for the selected period – such as 10, 15, 20 or 30 years. You choose the amount of time and the amount your policy is worth. Many of our term policies allow you to convert to a permanent policy without having to get another medical evaluation.
A permanent life policy is just that … permanent! It is designed to last your lifetime with regular premium payments. These payments are typically higher than a Term Policy, but that is because you are also accumulating cash value in your policy in addition to the death benefit.
Amy West handles all the life insurance in our agency and would love to sit down to talk with you further. Her goal is to not sell you a life insurance policy, but to educate you on the types of policies available and help you make an informed and educated decision.
You can call Amy directly at (239) 210-7736.