Some fast facts about helping the people you love maintain their quality of life when you're no longer around. (For as little as a few dollars a day.)
WHY DO I NEED LIFE INSURANCE?
If you don’t usually think about life insurance, that could be a good thing. It probably means you’re healthy – the right time to shop for it. But whatever your life stage or budget, life insurance could be a good idea for you.
Why? Here’s the simplest explanation:
Life insurance keeps your loved ones from dropping behind financially if something happens to you.
For as little as a few dollars a day, you can help your family maintain their standard of living.
Because life insurance usually pays out in one lump sum:
Your loved ones won’t have to cover the immediate high costs of funeral, burial, cremation and other services (the average cost of a funeral is $7,181, and usually these payments are required up front).
Your loved ones will have the resources to handle ongoing expenses like mortgage and taxes, child care, school/college tuition and more. Whether you’re a breadwinner or a stay-at-home parent, you’re making valuable contributions every day that add up to a better life for your loved ones. Do you want that to continue?
By the way, if you’re getting your life insurance from your employer, double-check what your coverage will pay out. In many cases, the amount won’t be sufficient. Also keep in mind that if you leave your job, your insurance usually won’t go with you.
WHAT TYPES OF LIFE INSURANCE ARE THERE?
Here’s a quick guide to help you untangle the terminology:
Term Life covers you for a limited number of years (or “term”).
Whole Life covers you for your whole life.
Universal Life is similar to Whole Life, with flexible premium options.
Accidental Death can be purchased by itself or as an add-on.
All of this is just intended to get the conversation started. To get a recommendation customized to you, you’ll want to talk with a licensed agent.
Mylo can help you secure a plan that protects your family’s future! Call the friendly agents at Mylo for a free life insurance consultation.
To bundle or not to bundle, that is the question. Here’s a quick guide to the pros and cons of bundling.