How to Protect Your Income with Life Insurance
Do You Need Life insurance to Replace Your Income for Your Family?
The #1 REASON People Buy Life Insurance is to REPLACE INCOME.
Source: 2019 Insurance Barometer Study, Life Happens and LIMRA
How Does Life Insurance Protect My Family?
While you may not be able to provide for your family forever, the good news is you can plan to help financially secure their future and protect them with the purchase of a life insurance policy.
Life Insurance Can Financially Protect the Future
for the Ones You Love
When it comes down to it, the purchase of life insurance isn’t meant for you — it’s designed to take care of your loved ones after you have passed away.
And if you’re responsible for the financial security of anyone, whether it be a spouse, children, partner, parents, disabled loved one, etc., life insurance is an affordable way to help make sure they are financially taken care of upon your death.
Financial Security
Life insurance can help provide peace of mind that your family will have some financial protection after you die.
The death benefit paid put to your beneficiary can provide financial assistance with things like your home mortgage payments, care of disabled family members, and basic needs like food, healthcare and child care.
Ultimately it could allow your loved ones to maintain their current standard of living without worrying about the lost income due to your passing.
Do You Need Life Insurance to Protect Your Income for Your Loved Ones?
If you work and your loved ones rely on your income to support them, you probably need life insurance coverage.
Just imagine this – What would happen to your family if you passed away today?
How would they be able to pay their bills, remain in their home they shared with you, and survive from day-to-day without you there for them to help cover the cost of their living expenses?
That’s right. Without you contributing to the family, they would be in a tough spot trying to get by without your income.
That’s where Life Insurance comes in handy for the ones you leave behind.
You see, with the proceeds your loved ones receive from your policy, they can use that money to go on living the life they enjoyed with you, without any financial difficulties.
They will have the money they need to:
And, they will have the financial security they deserve for their future.
They’ll be so happy you planned ahead and made that important decision to purchase life insurance to protect their future.
How Much Income Do You Need to Protect?
Let’s take a look at your income and needs.
Need for Income Protection
Example: If you earn $50,000 per year and need coverage for 20 years until your youngest child is grown up and out of college, you would want to purchase 20 X $50,000 = $1,000,000 of life insurance protection.
What is the Most Affordable Type of Life Insurance?
There are two basic types of life insurance protection: Term and Permanent.
Term Life Insurance – Temporary life insurance lasting for a specific period of time, usually up to 30 years. You may choose a policy term of 10, 15, 20, 25 or 30 years. Term life provides a death benefit but does not build any cash value inside the policy.
Permanent Life Insurance – Lifetime life insurance protection that provides a death benefit and builds cash value inside your policy over time. It usually costs up to 5-10 times more than term life for the same amount of coverage.
How to Get The Best Rate on Life Insurance?
There are several tips you can use to help you find the most affordable policy, including:
Does Your Spouse Work and Need Income Protection, Too?
If your spouse works and earns an income, you may want to consider buying a policy on him or her, too. Married couples never know which one will go first, and protecting both of your incomes for the family may give you greater peace of mind and prepare for either possibility.
And, you may be surprised how affordable individual term life insurance policies can be for both of you.
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Top Pick – JRC Insurance Group
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Disclosure: Compensated Affiliate