Benefits of Life Insurance from Essential Insurance Concepts

April 12, 2013

Happy Family Laughing in Bed

Are you one of the people who think you don’t need life insurance? Please think again. Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. Let’s look at a few of the reasons to consider life insurance:

1. Payment on Debt- if you have any outstanding debt (like a mortgage) at the time of your death, it does not go away. Your estate will still be responsible to settle all accounts. Life insurance can give your family the peace of mind to know that they can still pay the mortgage if the unthinkable happens.

2. Continuation of Income- Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish and there’s a very good chance that your family will experience a lower standard of living.

3. Unpaid Medical Expenses- It is highly likely that you will have medical expenses prior to your death. Some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses can be paid.

4. Funeral Expenses- Most people don’t plan for or fund the funeral expenses; again life insurance is there to help.

The good news is that life insurance rates are low and there are many different kinds of products from which to select. One question we often get is, “How much life insurance do I need”? That really depends on your individual situation, but here is a general guideline–We think you need to consider a life insurance limit of at least 10 times your annual gross income. For example if you earn $50,000 per year, your family would need to replace somewhere close to that amount. A $500,000 life policy could return $45,000 to $50,000 in annual interest depending on the rates.

Selecting the right insurance company is very important. Let us help you with selecting the right plan and insurer. Essential Insurance Concepts can provide competitive premiums for you today.

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