This post is sponsored by COUNTRY Financial®. All opinions are my own.
I have talked about life insurance in the past but today I want to dive a bit deeper and unpack this subject even more. A recent study shows that while 84 percent of Americans say that most people need life insurance, only 59 percent own some form of it. In the past few years, the conversation around that topic has become more accessible, and younger people don’t just get it but study it to understand what they are getting.
Step 1: Calculate
Life is not a logical thing, but figuring how much of life insurance you need is. A good place to start is to include summarizing your debt (including mortgage), which you don’t want to hang over your loved ones’ neck if anything were to happen to you; necessary monthly living expenses and for how many years you think that all will be necessary.
For example: if you owe $350,000 on your house, $10,000 on your car, spend about $6000 per month, and your spouse is not working, you’d need to take these things into consideration to give your beneficiary the resources to get back on track mentally and financially.
Step 2: Choose
There are several types of life insurance currently on the market:
Term life insurance.
Permanent life insurance.
Whole life insurance.
etc.
Without making this article long and tedious, in my research, I found (and purchased) term life insurance. I have had it for 20 years with unchanging payment and no hidden tricky conditions for payout in full. You do your research to find out what’s right for you, and don’t just get one because somebody at work has it.
Step 3: Adjust
Life goes on and is unpredictable. With downs, there are also ups, and that is why we need to regularly talk with your insurance representative to be sure your coverage reflects your current lifestyle. As income and level of life grow, your life insurance needs to back it up also grow, so I suggest looking at the numbers and making a decision based on your current situation. Earning (and spending) more? Your insurance should reflect it!
When you purchase auto or home insurance you don’t plan on anything terrible happening, right? Same with personal life insurance- you are not planning to die, you’re just preparing coverage for when the time does come. Remember- things like that happen pretty often, so why would you risk the future of your spouse and/or kids? Once again, if you have any questions or comments- feel free to ask me or reach out to COUNTRY Financial, they can help you with anything life-insurance related! Let me leave with this quote:
“I don’t call it ‘life insurance,’ I call it “Love insurance.” We buy it because we want to leave a legacy for those we love.”
Farshad Asl
Life insurance policies issued by COUNTRY Life Insurance Company® and COUNTRY Investors Life Assurance Company®, Bloomington, Illinois.