January is “Insure Your Love Month”, but life insurance is one of those things that no one ever wants to discuss but is essential to protecting your loved ones should something ever happen to you. Here at Landmark Insurance & Financial Group, we have seen new college graduates head into careers without benefits, only to become ineligible for life insurance coverage by the age of twenty-four. We have seen clients with other coverages pass away who said “someday, I’ll get that life insurance”, whose families then have to rely on their community to pay for the burial. Countless times we witness these same scenarios across social media, the need for Go-Fund Me Accounts. Don’t let your legacy become a Go-Fund me page.
At Landmark Insurance, we offer Life Insurance for every stage of life, from coverage of a newly born life to a final burial expense and everything in between. If you are a key-business owner and need to protect your assets, we offer it. If you are a parent with children in college and want to make sure that your family is taken care of, just in case, we have options. If you are a stay–at–home mother, you should be insured you as well. From whole life to term policies, and everything in between, as an independent Broker, we offer options that a Captive Agent, someone who only works for one company, cannot offer. Here are some examples of who should have life insurance.
The Single Crowd
Single adults often overlook their need for life insurance since they have no one currentlyfinancially dependent on them, but life insurance is more important than ever at this stage of life.
At this stage; You are younger and often healthier, meaning that rates tend to be lower and you are more insurable than if you wait until you are older rates tend to be higher and pre-existingconditions may come into play. Here at Landmark Insurance, we have seen health conditions flip quickly without warning. Life insurance at this stage can cover unpaid college loans, credit card debt, or your mortgage, in addition to a funeral. You can also have the option to change your beneficiary at any time when you are no longer single or have dependents.
The Newly Married
In the honeymoon phase, you don’t think about life insurance- you don’t want to think of the unthinkable. However, life insurance becomes much more important, as someone is now sharing in both your income and debts.
In this stage; A death will leave your surviving spouse fully responsible for any remaining debts as well as the cost of your burial or cremation. A sudden loss of income would also be devastating. Your Agent will be able to assist you in calculating how much and what types of life insurance both you and your spouse will need. Also, remember, just because you may have a life insurance policy through your job, it does not mean that if you leave your career that the policy will leave with you.
Parents
As a parent, providing for your child as they grow, and for their future, is now your highest priority. You will do anything to protect your child. No parent wants to think about this but it is important! Why not put life insurance in place so that no one will have to have to worry about their financial future in case something was to happen to one or both of their parents?
In this stage; Your life insurance can pay for your child’s care for at least their first eighteenyears possibly more, especially if you plan on covering the cost of college expenses. In the event of the loss of one parents’ income; the remaining parent will need enough coverage to pay thebills, mortgage, childcare, etc., until the child(s) is an adult. It’s important that both parents have life insurance in the event of the unexpected, not just the primary breadwinner.
Stay-at-home parents, are just as necessary to the household as the main earner. Life insurance is a necessity for both parents. What would happen if the parent who primarily caretaker for the children were to pass? Who would cover the cost of child-care? Taking care of the home? Parents are equal in the eyes of life insurance.
Children/Newborns
After a joyous birth, parents should also consider purchasing juvenile life insurance for their children. It may be the farthest thing from your mind, but young children and newborns are often the most insurable because they are young, healthy and rates are very affordable. Juvenile whole life policies will ensure that your child has some coverage for their whole life.
In This Stage; many parents believe that their children will outlive them, and a funeral for a child is not something that you budget or even think about. Luckily, many parents never have to deal with the loss of their child, but for those that do, permanent life insurance, when purchased as a juvenile, locks in extremely low rates. If it is never needed a whole life policy can provide tax-free assistance to fund college, a first home or car. At landmark Insurance & Financial Group, we offer policies beginning at ten days old.
Business Owners
In addition to business insurance, life insurance should be purchased, especially if you are the sole business owner or key person in a business. It protects not only your family, but your business assets.
In this stage; Life insurance will cover debts the business has acquired in the event of your death. If you are a partner in your business, the Business should consider a Key Man Life Insurance policy, which would provide financial protection, business continuity, loan collateral and well as a death benefit.
The Empty Nesters
What happens once the children have flown the nest? Your term life insurance policies may be coming up on their expiration date and you may not need as much coverage as you once did, but you still need life insurance coverage. What do you do?
In this stage; You still need income protection and should plan on final expense coverage for any outstanding debts and burial funeral costs. Each spouse should have a life insurance policy, regardless of who brings in the bigger income. Discuss with your Agent your different options for income protection and final expense; they can assist you on your options.
The Retiree Crowd
You’re retired; YAY; and most likely living on Social Security as well as your pension or retirement income. These are your Golden Years! Unless you are self-insured, you still need the benefits of life insurance.
In this stage; Life insurance benefits provide for your lost social security income replacement in the event your spouse passes. It can also pass on a gifted nest egg to your children orgrandchildren. A final expense policy can cover your final wishes as well as any other needs you may have. Your Agent can assist you with choosing the amount of coverage that best suits yourneeds.
THIS IS YOUR TO DO LIST
Life insurance is a very personal topic to those of us here at Landmark Insurance. We have suffered with chronic illness only to be deemed uninsurable. We have lost mothers and fathers, daughters, best friends, all way too young. Life is fragile and health can turn on a dime. In some of these cases, life insurance eased the financial burden on their family’s broken hearts, but for some of us, there was none to be had.
Life insurance is an unpleasant necessity. No one wants it, and no one really to talk about it. Everyone at every stage of life should have coverage, and here at Landmark Insurance & Financial Group, we believe, the younger, the better because we speak from experience. Unfortunately for too many, life is too far too short, and it is devastating and emotional. We are here to tell you that it doesn’t have to be financially costly, but affordable. In the end, Life Insurance can save you more than it costs! As members of your community, we speak from experience.
If you don’t have life insurance yet, please put it on todays to do list.
