posted in: Insurance
Who needs life insurance?
Everyone needs life insurance, especially if family members depend on you financially. 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 No matter at what point in life you are, life insurance from COUNTRY Financial® can help you and your loved ones achieve financial security.
Everyone should consider life insurance
|Dual-earner||If you die prematurely, can your family support itself on your spouse's income alone?
||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:
- Get married
- Become a parent
- Buy a home
- Change jobs
- Plan 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.
|"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 to make it dificult 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. It also generally only provides coverage while you are employed with that company.
Policies issued by COUNTRY Life Insurance Company® or COUNTRY Investors Life Assurance Company®, Bloomington, IL.
For product and service information, read our Terms & Conditions.
1COUNTRY Financial Security Index®, Dec. 2011