Life Insurance Tips: Protecting What Matters Most

Life Insurance Tips: Protecting What Matters Most

When you have a family, protecting what matters most means doing everything in your power to secure your loved ones’ welfare. It entails investing in the health and financial stability of the people who count on you, be it your spouse, children, or aging parents. Studies show that most Americans view their family as their most important asset. If you share this view, read on to see why it may be time to consider getting a life insurance policy for the dear ones you care so much about.

Concerning Statistics

Based on some of the more recent statistics on life insurance, about 40% of Americans may not have any coverage. Also, roughly 20% of people with life insurance acknowledge that they don’t have enough coverage for themselves and their loved ones.

Protecting Your Most Valuable Assets

Ever since you started a family, you’ve been working hard every day to provide for them. You’ve been taking care of their most crucial needs, including health, food, a good house, and the comfort of decent clothing. If something were to happen to you, your life insurance policy would be your family’s safety net. The plan would give your named beneficiaries financial protection to help provide for their needs in your absence.

When you purchase life insurance to protect your loved ones, you’ll be guaranteeing your family benefits such as:

  • Replacement of your family’s lost income after you die
  • Payment for your funeral costs to make life a little easier for your loved ones
  • Payment for your children’s education
  • Retirement income replacement
  • Estate consideration payments
  • Payment of your estate taxes
  • Donate money to named charities

Life Insurance is Affordable, Including for Young Parents

Some people hesitate to take out life insurance under the misconception that such a plan is unaffordable. According to a recent survey, most people overestimate the cost of life insurance policies by three times. Millennials are the most skeptical about the affordability of life insurance, overestimating the cost by 500%. Interestingly, younger parents pay the lowest life insurance premium rates because of their age and better health.

Life insurance is within the reach of many when you look at its actual costs. For instance, 20-year level term life coverage worth $250,000 may cost a 30-year-old policyholder only $13 per month. That shouldn’t be too expensive for many young parents who are already spending a lot every day taking care of their loved ones.

Protecting what matters most isn’t necessarily a costly responsibility. You can do it and safeguard your family’s financial future. If you’d like to assess some of your most viable life insurance coverage options, talk to the knowledgeable agents at Steve Wilk Insurance today. Our new office is at 310 S Main Street, Suite C, Lombard, IL 60148.