Life Insurance: Securing Your Legacy for Your Family

Chances are, you have wondered whether or not you should have a life insurance policy. Advertisements for all types of policy appear online, on television, and in snail mail. It's arguably impossible to get through even a week of life without being confronted with the question: should I have life insurance? There's a surprisingly an easy way to answer this question: if you were to kick the bucket today, would your loved ones be financially safe? Can they support themselves entirely without your salary? While this is a very uncomfortable topic for most people, if the answer to those questions point to the fact that your family will no longer be financially stable, then it is probably time to begin seriously considering a life insurance policy. One of the industry rules of thumb that seems to bear out is that you should take out a life insurance policy as soon as your first child is born, and it should last at least as long as it will take them to complete an undergraduate degree. For most children, this is around 22 years. However, you can also receive discounts if you enroll in a lifetime life insurance plan at a relatively early age, although it will ultimately cost you slightly more. The first option mentioned, buying life insurance for a set predetermined amount of time, is known as term life insurance. Policies can come in a wide variety of ranges, both in terms of the amount of money and in years. As a ballpark estimate of how much a temporary insurance plan would run, a healthy, 35 year old non-smoking individual can generally expect to get a 20-year premium policy, worth $250,000, for anywhere between $20 and $30 each month. If this individual happens to die during the 20 year coverage, then his family would immediately receive $250,000 to help with anything they might require. This money is not taxed by the government. Alternatively, you may opt for a permanent life insurance option. Plans like this will never expire for the lifetime of the bearer, although each and every payment must be made, and it must be made on time. Often, lifetime insurance policies are combined with a variety of savings and investment schemes. Although these can make the cost of the plan higher, the payout will grow much larger upon the expiration of the bearer. One of the major advantages to this type of plan is that they have direct financial value, meaning that they can be used as collateral in loans or other financial transactions. Broadly speaking, if you're a working individual and your family depends on you, even in a small fashion, for financial support, then you should absolutely take out a life insurance plan on yourself. The rates are relatively low for great payout rates, and the last thing that you should ever leave for your family in the event of your demise is a mountain of debt in addition to the grief of your passing. Regardless of what type of plan you choose, your family will thank you.

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