If you are the sole income earner in your family or at least the person that earns the lion’s share of the income, there is an important part of this responsibility that is often neglected. This is life insurance. If something were to happen to you that leads to your death, you need to think about what would happen to your family. How would they cope financially with your death? The grim truth is that when people such as yourself die, they leave their family struggling in many ways.
Your children are far less likely to go to college
If you have one or more children that you would like to see attend and graduate college, without your source of income and the income stream they would have enjoyed had you lived, they are not likely to attend college. Their entire quality of life will be diminished without your income. It is bad enough that your spouse and your children will not have you around to love and spend time with, but the loss of income will affect them throughout the rest of their lives. All of this can be prevented with a good insurance policy. You can take out a policy that will more than compensate the money they will not realize at the time of your death.
You can buy a term policy
These policies are for a specific amount of time. You simply make the payments each month and you are insured. The amount of the policy can be for the income that your family will miss. It can also include enough money to help with college tuition and expenses. As time goes by and your policy expires, you can always reduce the benefit amount for the next policy to reflect your children growing up.
Some people don’t like term life insurance policies because you make payments and if you don’t die, then all of that money was for nothing. If you are one of these people, there exists whole life insurance. This type of policy builds up a cash value over time. If you don’t die, you can cash in the policy in your retirement. You can discuss all of the possibilities with a life insurance elk grove ca agent today.