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Life Insurance

Have you lost a close family member? How did impact you and your family? The loss of a family member is tough. It’s even harder when you are trying to grieve, make decisions, and continue financial responsibilities all at the same time.

No one likes to have the discussion. Unfortunately, no one lives forever. What’s even harder is the fact that no one knows when their last day is.

Conversations and plans are important to have in place. Burial or cremation? Funeral services or no services? What big expenses may be left behind?

My mother-in-law passed and it was a tough time. My father-in-law and husband had to grieve and make decisions that were tough. It helped that discussions were made beforehand. Because she had a tough time when her mother passed, my mother-in-law wanted plans in place. Fortunately, she had life insurance for herself. It cost $6,000 for her cremation and funeral services. If it wasn’t for the life insurance, I don’t know what we would have done.

Other expenses are left behind with many families, like a mortgage. Finances are usually split between the household members. What happens if one of those members are no longer around to provide their portion. Some family members want to take time off and grieve. Do they have the PTO set aside to take the time off and still be paid?

Life insurance serves its purpose. It relieves financial burdens in the absence of a loved one.

Life insurance does view certain factors before accepting clients. The biggest factor they look at to determine a premium is age. Also, tobacco use plays a large role in premium determination. Most policies will require medical questions to be answered. They can either accept you or deny you as a policy holder; this is underwriting. They are determining the risk of the individual.

You can choose whole life or term life. Whole life lasts passed 100 years old and builds cash value. Term life is usually less expensive but is only good for the “term” enrolled for. 

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