If you think you don't need life insurance, think again. Here are four reasons why many people neglect or put off life insurance.
1. “I have coverage through my employer.”
This misconception is all too common. The reality is that relying on your employer for your life insurance is risky. What happens if you decide to leave your job? What if a serious illness forces you to leave? In most cases, your life insurance won't leave with you, but will leave your loved ones unprotected.
In addition, most coverage from employers is far less than the amount you really need. Do you know exactly how much insurance your employer provides? Use our life insurance calculator to get a general idea of how much life insurance you should have.
2. “My spouse and I are expecting a baby. We will wait a few years to buy life insurance for the child.”
Considering everything you will be dealing with in a few months when the baby is born, it’s a good idea to insure the child right away. Many policies allow you to add a children’s term rider to your existing coverage which will automatically provide protection for the child at birth. If the child is born with a serious condition and coverage isn't already in place, finding an insurance plan for the child may be very difficult, and if found is likely to be much more expensive.
3. “I only need life insurance to cover my funeral expenses when I die.”
Life insurance plans can be structured to cover much more than simply funeral and burial costs. If your policy will only provide for these expenses, your surviving loved ones will be left with the burden of making up for your lost income and paying your debts. If you have people who depend on you financially, how will their lives be affected by your loss? Will your spouse be able to stay in your home? Will your children be able to attend college. There are many things to think about. Working with a Catholic Financial Advisor can you help you sort things out to make sure that you have the type and amount of coverage you need.
4. “My spouse and I are retired, and we receive pension and Social Security checks.”
If one spouse dies, the income that individual receives from pension and Social Security may stop subject to plan rules. That could mean that more than half of a couple’s income simply disappears. You many also believe that, if you're retired, coverage isn't available at your age. That's simply not the case. Catholic Financial Life offers Life insurance coverage up to age 85.*
Everyone's situation is very different and life insurance plans can often seem complicated. Our advisors are very knowledgeable and are here to help you learn what's best for your situation. There is never an obligation to purchase. Whether you choose to work with Catholic Financial Life or another company, we encourage you to take a look at your options as soon as possible. You never know what can happen in a day.
*Products and services not available in all states. Plans are subject to underwriting and other requirements. This post provides general information about life insurance and is not intended to be a solicitation for life insurance. Policy # ICC10 JV