Life Insurance

What is life insurance?

Life insurance is a contract which protects against financial losses resulting from death.  What would happen to a family’s income if it were cut short due to a death of the provider? How would the family pay the rent or mortgage and other bills?  How would debts be paid? What would happen to children’s savings for college? The point is to minimize the risk of losing the income of the primary provider of the family.

Why is it important?

The primary necessity for purchasing life insurance is to acquire financial protection from losses experienced by others when the insured party dies.  Life insurance can allow the survivors and heirs to continue with their lives devoid of the financial burdens and interrupted income that death can bring.  It can allow home ownership to be safeguarded, college or education plans to remain intact and ensure retirement income for the surviving spouse.  It also allows the surviving parent to stay at home rather than having to work for income.

Do you need life insurance?

It depends.  If someone is dependent on your income such as children and a spouse that stays home with the children, you need it.  Even if you do not have dependents, although you might consider it to pay for funeral expenses and to pay off any debt you may have.  Survivors will have benefits from Social Security or other assets left to them however, if these assets and income are not enough for them to live on, you will need life insurance.  Talk to a Western States Insurance professional to determine how much life insurance you need to protect the future for your family.

Life insurance purchased as part of an overall financial management plan enables this potentially devastating loss to be minimized, and it allows the people left behind to be able to deal with their loss without having to deal with the added financial burdens as well. 

Talk to a licensed Western States Insurance professional at our office in Spanish Fork Utah today about how to protect your family’s income and give both them and you peace of mind. For a life insurance quote, contact us for a comparative review.

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