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Life Insurance

Life Insurance

One of the most fundamental questions you should ask yourself when contemplating life insurance is “will someone in my life be adversely affected (from a financial standpoint) by my untimely death?”

Life insurance may not be a topic you enjoy discussing but having a life insurance policy in place is an essential part of life and a crucial element of sound financial planning. If you own a home, a business, or have personal liabilities, you will be leaving behind these liabilities for someone to take up the responsibility. Generally speaking, the person responsible for taking care of these liabilities is your next of kin meaning your spouse, your parents or your children could become responsible for paying your debts.

Statistics show that only 59% of Americans have life insurance, and about half of those with insurance are underinsured.

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According to the 2019 Barometer Study conducted by Life Happens and LIMRA, “a general lack of understanding leads to insufficient coverage. For instance, when asked how much a $250,000 20-year level term life insurance policy would be for a healthy 30-year-old, the median estimate was $500—more than three times the actual cost.

When you consider the top reason for not purchasing life insurance is that it is too expensive, overestimating the true cost of coverage may deter many from purchasing it. Insufficient coverage has severe consequences for many American families. Four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died.”

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Our team of agents are ready to make the process simple and understandable while giving you the personalized attention you deserve! Contact our team to today with any questions you have regarding your personal insurance policy needs.

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