The purpose of life insurance is within the name itself: life. Serving to protect both your life and the lives closest to you, life insurance primarily acts as a vehicle to provide financial protection to your loved ones in the event of your untimely death. In purchasing a life insurance policy, you are protecting the financial future of those closest to you while guarding against the unknown.
While no item or amount of money can replace your presence, you can at least have peace of mind in knowing that your beneficiaries will be financially taken care of if you are no longer physically there to support them.
Thinking of what will happen after your passing is not a subject easily addressed; however, it is a critical one to discuss. The death benefits coverage your beneficiaries could receive from your life insurance policy could help finance multiple crucial items, including:
59% of individuals in the United States currently own some sort of life insurance policy.1 However, 1 in 4 individuals still feel as though they need more life insurance protection. Common reasons for avoiding the purchase of a policy include having other financial priorities, being unsure of what to purchase, and having concerns about cost.1 However, there are many ways to structure a life insurance policy within a range of affordable spending.
Life insurance is for individuals of all ages. While it may be tempting to push off considering your options until a later stage in life, obtaining a policy when you are young and healthy has the potential to save you money in the long run. The future may not always lean in your favor and in the event of a tragedy, you won’t want to spend time worrying over financial matters.
As there is no one size fits all policy for the amount of coverage you and your family may need, a financial advisor can help you either purchase a policy or discuss and evaluate your existing policy. A North Star Resource Group financial advisor can help break down and customize your options based on your income, family, lifestyle, wishes and more. Your advisor can help find an option that is affordable while still providing the coverage you need.
When it comes to protecting the needs of you and your family, information and knowledge are critical for you to make the best decision for you and your family. Contact a North Star advisor to learn more about how life insurance can fit into your financial picture.
1 “2017 Insurance Barometer Study.” Life Happens and LIMRA. Published May 2017.
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