Michael White

What's your idea of financial security?

 
 
Michael White
309-342-3177
Galesburg, IL
 
Friday, October 24, 2014

Protect Your Family's Financial Future With Life Insurance

Would your family have the financial resources to maintain their standard of living if something happened to you? According to a recent survey, 42% of Americans are not confident their family would be able to live comfortably if the respondent died or became disabled.1

Who needs life insurance?

Everyone needs life insurance, especially if family members depend on you financially.  No matter where you’re at in life, life insurance can help you and your loved ones achieve financial security.

Everyone should consider life insurance

Situation

Consideration

Dual-earner

If you die prematurely, can your family support itself on your spouse’s income alone?

Stay-at-home parent

According to Life and Health Insurance Foundation for Education (LIFE), providing childcare, transportation, cleaning, cooking, and other household activities is valued at more than $43,000 per year.  Can your spouse afford to pay for these services?

Empty nest

Your mortgage might be paid off and your children self-supporting, but can Social Security and savings support the lifestyle you worked so hard to achieve?  Will there be something to pass on to your grandchildren?

Single

You may think no one else depends on you financially, but will you need to support aging parents or siblings?  Can your extended family cover your final expenses and any outstanding debts you may have? 

Can life changes affect my life insurance needs?

Yes, as your life changes, your coverage needs do too.  Even if you already have life insurance, you may need to update your coverage, especially when you experience any of these life-changing events:

  • Getting married
  • Becoming a parent
  • Buying a home
  • Changing jobs
  • Planning for retirement

What are the types of life insurance?

There are two basic types of life insurance, term insurance and permanent insurance.

  • Term Insurance

    Term insurance provides protection for a specific period of time (the “term”) and is designed to fill a temporary need, such as covering a mortgage or sending a child to college.  Typically, term insurance offers the greatest amount of coverage for the lowest initial premium and is a good choice for young families on a tight budget.

  • Permanent Insurance

    Permanent insurance offers lifelong protection and allows you to accumulate cash value on a tax-deferred basis.  This type of coverage is designed to fill long term needs, such as income replacement.

What are some common misconceptions about life insurance?

There are many reasons people don’t purchase life insurance.  But don’t let these common misconceptions keep you from getting the valuable coverage you need.

Common misconceptions about life insurance

Misconception

Truth

“It’s too expensive.”

The loss of your income or your role as a stay-at-home parent could cost your family far more. 

“I’ll make the wrong decision.”

Finding the right solution to your unique needs can be confusing.  That’s why your financial representative will work with you one-on-one to help you protect the things that are most important to you.

“I don’t have time to talk with my financial representative.”

Busy schedules do make it hard to plan for the future, but spending the time upfront to protect your family will save them something more precious than time – it will save them from financial worry at an already difficult time.  Plus, your financial representative will work with you to find a convenient time to meet.

“The coverage I have with my employer is enough.”

The coverage provided by your employer is not based on your family’s unique needs.  It does not consider the unique expenses your family will be left with in your absence or financial goals you have.  And, it generally only provides coverage while you are employed with that company. 

Guidance from a trained professional

Most people need help deciding how much life insurance to purchase and what type of policy best fits their needs.  As a financial representative, I will work with you one-on-one and have the support of a centralized team of experts to ensure I find the right solution for you and your family.

Your family is worth the financial security and peace of mind life insurance offers.  Don’t leave their financial future to chance.  Contact me for an insurance and financial review to discuss what type of life insurance coverage is best for your family.

Learn more

Policies issued by COUNTRY Life Insurance Company® and COUNTRY Investors Life Assurance Company®, Bloomington, IL. Coverage not available in all states. Read our full disclaimer.

1 COUNTRY Financial Security Index®, Dec. 2011

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