5 Tips for Protecting Your Family with Life Insurance


Life insurance is a subject many feel awkward talking about. Yet it’s one of the most important conversations you could ever have with your spouse or partner.

The first important question to ask yourself is… “Would your family be able to survive if you or your spouse suddenly died?”

Think about this for a moment. How would your family be financially without your income?

You see, an average of 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 insurance barometer study.

The fact is, 40% of people have not purchased life insurance because they don’t know how much or what they need. However, that is no excuse not to figure out these questions and make sure your family is protected.

Today I want to get you started thinking about this, and get you to take a few simple, yet important action steps.

Here are 5 quick action steps to get you moving in the right direction:

#1 – Review

Do an insurance review of any existing policies you do have. Find out if your coverage is enough for your current situation. This means at least getting enough coverage to pay off all debt and the mortgage, however much that may be.

#2 – Interview

Interview at least three different life insurance providers and find one that fits your needs. The biggest piece of advice I would give you is to not rush this process. Take your time and meet a few agents with a different companies.

#3 – Options

Look for either Term, Whole Life or a combination of both. If you’re not familiar with these choices, what they cover and what they don’t, take the time to educate yourself so you know which options are right for you.

4 – Necessity

In case you don’t realize it, insurance agents are salespeople. They are in business to make a profit, which is a percentage of the policies they have written. Don’t fall for sales pitches and unnecessary add-ons that insurance agents may try to offer you. Shop for what you need.

#5 – Take Action

Don’t spend so much time interviewing and weighing your options, that you still don’t take action and commit to a policy. Get something. At the very least, get a low cost term policy. Then look at upgrading when your term expires. Right now, anything is better than having nothing.

Remember, this is about your family and their well-being after you pass. It’s too late to protect your family when you’re gone. Make it a priority to get something in place as soon as you can.

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