Life Insurance is a Must!
“On a long enough timeline, the survival rate for everyone drops to zero” – Tyler Durden, Fight Club
Let’s be honest, no one really gets excited to talk about their own death, or for buying insurance when it happens. Perhaps that's why nearly 40% of the U.S. population has no life insurance whatsoever. An additional 33% only have coverage through their employer, which is often only one or two times their annual income. There is nothing anyone can do to lessen the emotional and physical toll of the death of a loved one; but there is absolutely something you can do to lessen the financial impact – life insurance.
The number one objection to buying life insurance is cost, which in my opinion is flat out ridiculous. Just about anyone can buy $250,000 of term coverage for less than $30 a month. If you are under the age of 40, its more like $15-20 per month.
People often ask me, how much life insurance should I have? The easiest answer is, “how many years would you want to replace your income for your family?” It’s all a matter of personal preference, but most people would want to be able to provide their income for at least five years, and the average is around 10 years. Therefore, if you make 50k per year, and want to replace your income for 10 years, you should have roughly $500,000 in life insurance.
Life insurance is a selfless purchase. As one of my first mentors in the insurance business said, “Life Insurance is spelled L-O-VE”. Its cheesy, but true.
If you don’t have any coverage, or if feel like you need more than you currently have, don’t hesitate to give us a call. Life insurance is cheaper than most people realize, and we will help you find