It’s a subject no one wants to talk about, but everyone must face. When should you consider a life insurance policy? Is it really necessary? And how can you be sure your family will be taken care of after you are gone? First, let’s cover the basics. A life insurance policy can be used to help pay for your funeral costs, cover existing bills to prevent financial strain on your family, and pay the care costs of a special needs child. According to the LIMRA Secure Retirement Institute, around 63% of individuals over the age of 55 are providing some form of financial support to their adult children or grandchildren. In the event of your passing, who will provide this financial assistance? When working with a life insurance broker in Spruce Grove, you will be able to weigh the various needs of your family against your existing debt to establish the right policy for your situation.
The Various Ways a Policy Can Help
Patti-Lou Cumby Insurance Brokers Inc. has worked hard to provide a variety of policies to fit each individual’s unique needs. If your old life insurance broker in Spruce Grove couldn’t provide the policies you need, it’s time to look elsewhere. There are many ways a good plan can help your family and here are just a couple of the key points.
* Special needs children will be provided for. Whether you need to arrange long-term continued care or simply want to establish a trust to provide the financial resources for that child, a life insurance policy can do just that.
* In the event of your death, any debt you have such as a mortgage can be passed on to your family. This can cause severe financial strain and hardships after you are gone. To prevent this, obtaining a policy can be sure your debts are covered after you are gone.
Getting Yourself Signed up for the Right Policy
Understanding the fine print, minor stipulations and final amounts of coverage with policies can sometimes be confusing. By working closely with Patti-Lou Cumby Insurance Brokers Inc. you can quickly get a grasp of the various policies that will fit your unique needs. Don’t be afraid to ask any questions either. An insurance broker would be happy to discuss the various plans so you know exactly what you are purchasing. It’s in your family’s best interest that you have a life insurance plan in place to prepare for the day we all dread but cannot escape.
