Why Everyone Needs a Life Insurance Policy

Most people do not like to think about life insurance because it forces them to face their own mortality.  Unfortunately, death is a fact of life and having an insurance policy will save your family a lot of financial hardship during one of the darkest points in their lives.

The Benefits of Life Insurance

Aside from the final expenses that a death requires (i.e. funerals and resting places), you must keep in mind that your household’s income can also be cut in half by the death of a spouse.  If you do not work, and your spouse passes away, you could lose all of your income, or vice versa.

Further, most people are unable to return to work right away.  For most, the grieving process takes longer than the three days employers are required by law to provide.  Without life insurance, you may be forced to work while grieving.  And if you have children, you will have to find a way to provide income and support at the same time.  Life insurance helps to ensure that financial hardships are avoided.

Full-Term Life Insurance

Full term life insurance is a policy you hold for your entire lifetime.  You pay monthly premiums for a set amount of life insurance.  Policies can range from five thousand to one million dollars, but the amount is dependent on a key few factors so you cannot simply purchase one million dollars in coverage.  The majority of working adults have policies between $50,000 and $250,000.  Keep in mind, higher coverage means a higher monthly premium.

How to get a Life Insurance Policy

Many large companies provide life insurance for their employees; however, if you leave the job, you lose the policy. Therefore, it is always best to contact an insurance agent and get your own life insurance policy.

How a Life Insurance Policy Works

A life insurance policy has at least one beneficiary.  This can be a spouse, adult child, parent, relative or friend.  You can also create a trust to hold the funds for any underage children until they turn 18.

The beneficiary can use the money to pay funeral and burial costs, along with any bills of the deceased (mortgages, credit cards, medical bills, etc.), and the remaining money is left to the beneficiary to spend how they see fit.

To get a quote for your life insurance policy contact Legacy Insurance Partners. We proudly serve Denton, TX and the surrounding areas, and would be happy to assist you.

Legacy Insurance Partners, 1205 W. Trinity Mills Rd #210, Carrollton, TX 75006

Legacy Insurance Partners

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