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Life Insurance: What Am I Paying For?

Life insurance is a valuable insurance policy – even though it may not always feel like it! Does life insurance feel like a weighty outgoing each month, rather than a good value investment? After all, unlike a house or car, you’re buying peace of mind—rather than something you can physically touch. Premiums can increase over time and seem to fluctuate more than you’d like them to. A life insurance policy is designed to maintain your family’s finances when you are no longer there to do so. From paying funeral expenses, remaining debt, and your child’s college fund, life insurance is a policy that wholly supports your family. What makes life insurance premiums rise? Put simply, as long as you pay regular premiums to a life insurance company, then the policy should guarantee to pay out a sum of money if you die within the term of the policy. In essence, the greater your risk, the ... Read more

Do “Empty Nesters” Need Life Insurance?

Leaving parents home alone, protected. Kids gone off to college? Downsized into a smaller house now your children have moved out? There are many reasons why the children flee the nest, leaving parents feeling the ‘empty nest’ syndrome. Many parents wonder if life insurance is needed, now that their children have left home. The answer is – quite possibly! Here are 5 reasons why you should still own life insurance: To meet goals If your children are in college and are not completely financially independent, life insurance can help. From kids’ college tuition and living expenses, to payments for the surviving spouse and children, finances can be aided. To create a financial “safety net” Emergency funds help in the event of a unplanned financial payment, so if a household doesn’t have an emergency fund, the post-death family will be even more financially vulnerable without one. Furthermore, it might also be somewhat more difficult for the ... Read more