Life is busy. Most adults spend their days working, taking care of the home, and driving their kids to after-school activities. No matter how busy life gets, your family is covered with the appropriate health insurance, home insurance, and car insurance. But, have you sat down and thought about what NJ life insurance really means to your family? It can mean everything.
Many people get life insurance coverage from their NJ employer, which is a great first step. However, in most cases, this is not nearly enough. It is also possible that could be paying more for an employer-provided policy than an individual one. Young, healthy employees are some of the best candidates for independent coverage because they can lock in low rates for many years. Since life insurance is based on the age of the person being insured, it will never be cheaper to buy life insurance than it is right at this moment!
Bottom line: Don’t assume your employer-provided life insurance is enough. Some experts recommend 10 to 12 times your annual salary. Having your own policy will mean that your family will be taken care of regardless of where you work.
Why Life Insurance is One of Your Most Important Decisions
It’s not pleasant to think about how your loved ones would get by without you, but it’s a topic that deserves attention. If you have a spouse and children, you must consider how they would survive without your income. How would the bills get paid? What about the mortgage? How will they pay for health insurance? Are your kids planning on going to college? If you die unexpectedly, the bills don't go away. They need to be paid, and this is why life insurance is necessary.
Here is what NJ life insurance can do for your family if you can’t be there to do it for them.
Replace income. Life insurance replaces your income if you were to die. With the proper life insurance, you can guarantee your family’s financial security and continue to take care of them even though you can’t be there.
Keep your family in their home. If something happens to you, would you want your family to be able to stay in your family home? Of course. Have the peace of mind that your loved ones can continue living in the home they have grown to love.
Educate your children. The cost of education -- especially for colleges and universities -- is getting higher every year. Your children deserve to have access to the education you planned provide for them. Life insurance can ensure that the money will be there to get them the education they need.
Fill in retirement gaps. Life insurance can also be used to fill gaps in retirement. For many couples, Social Security and pension just aren’t enough; and, if you were to die, your spouse’s payments may be reduced. Life insurance can make up this difference.
Secure your inheritance. The Insurance Information Institute recommends buying a policy that names your beneficiaries. This way, your inheritance will be secured and go to the right people.
Pay for final costs. Your life insurance benefits can be used to pay for final expenses such as funeral costs, medical bills, and federal or state estate taxes. Your children and spouse can grieve without being bombarded by end-of-life costs.
At Danskin Agency, we will take the time to understand the needs of your family and will recommend the life insurance approach that will best meet those needs.
Give us a call today to learn more about our life insurance policies and how they can benefit you and your family. We have term life insurance, permanent life insurance and group life insurance at competitive rates.