Do You Need A Life Insurance Policy?

life insurance

Are you interested in purchasing life insurance, but aren’t convinced that you need it? Or, do you have a current policy that hasn’t been updated in years? No one wants to think about using a policy, but having one in place in the event of the unthinkable is crucial to you and your loved ones. 

Allow the experts at Staples & Associates Insurance first explain what life insurance is, and explain why you and your family would benefit from an up-to-date policy. 

What is Life Insurance? 

Life insurance is an agreement between you and your insurance provider. In exchange for monthly payments, the insurer pays a sum of money to your beneficiary to your loved ones when you pass on. 

This insurance is not a fun topic to think about, it’s important to remember that you don’t purchase this because you are going to die, but because your family is going to live, and you want to be sure that they are protected and financially secure when you’re gone. 

Typically, a life insurance policy is chosen based on the needs of the policy owner. Term life insurance will provide protection for a set period of time, while a permanent provides lifetime coverage. There are often medical exams required before receiving a quote on your life insurance policy. 

Why You Need to Update Your Policy

Everybody needs life insurance. No matter what stage of life you’re in, an insurance policy is an important part of your financial security. So why do you need a current insurance policy? Check out our top four reasons to purchase a policy and keep it updated!

  1. Correct Your Beneficiaries

Do you have a life insurance policy that hasn’t been recently updated? A life insurance policy should be updated approximately every 6-months, but why is that? One reason to keep your policy updated is that a claim typically goes through more quickly when the beneficiary form is up to date, and not outdated and archived. You should also keep your beneficiary form updated in the event that a major life event occurred and you need to update who receives the payment from your policy. 

  1. Secure Your Mortage

Do you have mortgage protection? You need an insurance policy to pay off your mortgage, so your spouse or beneficiary isn’t left with selling a home that they’re no longer able to afford without your income. 

  1. Student Loan Protection

Protect yourself against the unspeakable. Do you co-own a loan with your child, or are you a student or graduate who has parents that have co-signed on your student loans? Protect your family against the financial burdens of dealing with a large student loan while in mourning by protecting yourself, and your family.

  1. Lock-In the Price

Do you have life insurance for your child? By purchasing insurance now, and locking in the price while your child is young and healthy, you’ll be setting them up for success in the future. Once your child has reached an appropriate, mature, age, you can gift your child with a policy that is either; paid-up with no premium due at all, or is a very small monthly fee that is incredibly attainable. This is different than if your child is in their 30’s and up when the monthly rate increases exponentially, or they don’t qualify because they now have a pre-existing medical condition of some kind. 

The bottom line? Life insurance is worth it, being sure that you have a policy that is up to date can make all the difference! Are you ready to get started? The trusted experts at Staples & Associates Insurance can help you update your policy, or get started on a new one that fits you and your family’s needs. 

Don’t put it off another day and contact an agent today to get started!