life insurance

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Why 2020 is the Year We Need Life Insurance.

Simply put, life insurance provides your spouse, children, and loved ones (also known as “beneficiaries”) with financial support if you were to pass away. Making sure you’re covered is one of the most empathetic financial decisions you’ll ever make: you’re not thinking about your death so much as you’re thinking about the quality of your loved ones’ lives. And in that sense it’s an essential part of your overall financial plan.

Happy family mother housewife and child in laundry with washing machine

Why do you need Life Insurance?

2020. That's why.

But seriously—if your loved ones depend on your income, you need life insurance. Here are three big reasons why. 

1. To relieve financial burdens.

Funerals are expensive—on average, $7,000 — $10,000. You don’t want to leave your family paying out-of-pocket for that. On top of funeral and burial costs, your family will be in charge of paying the mortgage (or rent), utilities, groceries, credit cards, debt—the list goes on (and if you pass during an economic crisis, like the “Coronavirus Crash,” that list feels way longer). Life insurance replaces your income for years to come, so your family won’t be stuck in a tough place if you’re not around. 

2. To give your family time to plan.

It also gives your family time to grieve without worrying about paying the bills or finding a new source of income. You’re buying your family time to figure out what life looks like without you and what steps they need to take next. 

3. To give you and your family peace of mind. 

Life insurance answers the big “what if” question that keeps us tossing and turning at night: what if I pass away?  Though no policy can replace you—your humor, your love, your personality—it can put to rest the fear that your family will struggle financially in your immediate absence. 

Make Sure Your Loved Ones Are Covered

Look, here’s the thing—we often get so wrapped up planning our own financial futures, we forget to secure our loved ones’ futures if we die. If you don’t have life insurance, make it a point to get some today. Take a moment and contact a Snyder insurance representative, and we’ll help you customize a plan that fits your family’s needs.

Castaway - A Real Life Insurance Scenario

Castaway – A Real Life Insurance Scenario

We’ve all seen Castaway, right?

Tom Hanks’ plane crashes, he ends up stranded on a deserted tropical island for four years with an inanimate volleyball named Wilson as his only friend and courageously sails his way off the island.

Now, I don’t consider myself to be an emotional crybaby but the scene where Tom Hanks realizes he can’t swim to save Wilson and apologizes profusely to a blood-faced volleyball always causes me to ugly cry.

Every. Single. Time.

But it got me thinking.

What happens to your life insurance policy?


Interested in getting your life insurance policy set up? Check out my life insurance page!

Family

Life Insurance is for those you LOVE

Life insurance is for those you LOVE!

Life insurance isn’t typically light and fun dinner time conversation. In fact, most people don’t want to talk about it all. But we believe that preparing for the future and everything that may come with it doesn’t have to be heavy or depressing. Instead, think about it as an act of love. Yes, love.  Because life insurance isn’t about you. It’s about caring for your loved ones and providing them the gift of removing financial burdens in the event you’re unable to. It’s both a timely and worthwhile topic so let’s dive in, shall we?

Let’s begin by discussing a main distinction between the types of policies — Term life Insurance versus Whole Life (also known as Permanent) Insurance. Both are useful policies in their own right, but your family’s needs will dictate which policy is the most appropriate. 

1. Term Life Insurance

 It’s just as it sounds, it’s life insurance that provides protection for a specific period of time. It insures against the unthinkable – a premature death. This type of policy only pays your beneficiaries if your death occurs within the period of time you’re covered. Otherwise, it expires with no value. 

Typically, these periods of time, or “terms”, are offered in increments of 10, 20 or 30  years. When choosing a term you’ll want to consider several factors like the number of years left on your mortgage and how many years before your children become independent.

2. Whole Life Insurance

Whole Life Insurance – Like you would expect from the name, whole life insurance can provide life-long coverage. This type of policy, similar to term insurance, will pay your beneficiaries if something should happen, but it typically includes an investment component that can be used by the owner throughout the policy’s lifetime. 

Understandably, because it offers lifelong coverage as well as the potential for cash value benefits, whole life insurance is typically a more expensive option but one used by those who have some expendable cash and want coverage for their loved ones. 

Typically, these periods of time, or “terms”, are offered in increments of 10, 20 or 30  years. When choosing a term you’ll want to consider several factors like the number of years left on your mortgage and how many years before your children become independent.

Family

Regardless of the type of insurance you choose, both will cover bills your family may face immediately after your passing. Things such as burial costs, outstanding bills, mortgage payments, etc. All those worrisome costs that can keep them from focusing on getting through a tough time. 

By having a plan in place and replacing your income after you’re gone, it can mean the difference between having to move out of the family home, getting a second job or being able to afford child care and paying for college tuition. The stakes are high when it comes to the love you have your family. Schedule a call with your insurance agent today and show your family how much their welfare means to you this Valentine’s Day season.