No one wants to think about death, but being prepared with the proper life insurance policy can save your loved ones from a lot of stress. Dealing with the loss of a loved one is a lot of mental and emotional stress, the last thing we want is for our death to be a financial stressor on top of that.
Only 52% of Americans are covered by any life insurance policy, leaving 48% of Americans with no life insurance coverage at all in case something were to happen. Many young people don’t want to think about it and end up neglecting to purchase coverage, but as you age, your insurance costs increase rapidly. 44% of Millennials overestimate the cost of life insurance by 5x.
Your life insurance policy can help your family with many expenses, most notably your final funeral expenses. The average funeral in the state of Arizona costs $8,533. Your life insurance will not only allow you to pass on some wealth to your family, but can help cover the unexpected costs of a funeral and allow your family the opportunity to provide a service for you.
In addition, if you already have a life insurance policy through work, you might be thinking to yourself that you don’t need to purchase a life insurance policy of your own. It is very beneficial to take advantage of a group life insurance plan through your employer, but in many cases you cannot take the coverage with you if you leave the job for any reason. Your policy is also not customizable to what your needs are and your coverage is limited by the plan your work provides. Take advantage of your work’s life insurance benefit, but always own a separate life policy of your own that is customized to your family’s needs to make sure that you have the proper coverage in case something were to happen to you.
Give our office a call today and we would be happy to answer any questions you may have about life insurance or to provide a quote. You might be surprised how affordable life insurance can be!