Wednesday, January 23, 2013

Life insurance: a must have for everyone

Final expense life insurance is designed for a specific need. The face value of a life insurance policy is paid to the policyholder's beneficiary at the time of death. In most cases, the money is received by the beneficiary on a tax-free basis, and no additional fees need to be paid. The beneficiary can use the money to pay the policyholder's final expenses such as funeral costs.

By covering funeral related costs the financial burden is removed from the equation and guarantees expenses will be paid without any money coming out of your loved ones' pocket. The average cost of funerals today are higher than $9,000. For just pennies on the dollar, life insurance is affordable for everyone.

To put the cost of life insurance in perspective, anyone who has TV can afford life insurance. If you drive a car, you can afford life insurance. If you have a cell phone, you can afford life insurance. If you have children, you can afford life insurance. The money spent on holidays: candy, meals, gifts, decorations over time are much higher than the cost of life insurance. Are you a smoker? If yes, you can afford life insurance.

While the price of food, fuel, utilities increasing and our budgets shrinking, life insurance premium is guaranteed to remain the same. Final expense insurance will give you peace of mind knowing the most expensive bill you are leaving behind for your family will be paid. If you live paycheck to paycheck, chances are your next of kin will be too. Where are they to get the money to pay for death expenses?

Placing that multi-thousand dollar bill on your family could catapult them into financial ruin. Experiencing the death of a loved one is highly emotional. Without a financial plan in place decisions are made that are not exactly how you or your family would have wanted if a plan had been in place initially.

There are many reasons to benefit from owning a life insurance policy. I cannot think of 1 logical reason not to have a policy. The application process takes lesser amount of time than it does to grocery shop or watch a movie. In a just a few minutes you can be qualified and enrolled. Its that simple and that smart.

So why aren't you covered?

Trisha M. Pacenti RN,BSN