You've heard ads on TV telling you that you need life insurance; that you can get it for less than a dollar a day. And you think to yourself, "Why do I need life insurance? I'm young. I have a $10,000 term-life policy at work that will pay funeral expenses."
I asked three customers with different backgrounds why they purchased life insurance. Listen to what they have to say and you might find your answer.
Single Mom - "When my daughter was born, I became aware of the Gerber TV commercials selling life insurance for a child and realized that if something happened to my child I would not be able to afford a proper funeral. I spoke to the sales representative at Mid-State and he asked 'What would happen to your child if you died?' I needed to make sure that she was taken care of and had a means for an education. I was able to purchase a term life policy on myself with a rider that covered my child. Now my mind is at ease."
Married with two children - "At first I was a stay-at-home mom, so the family had one salary. Obviously we needed life insurance on my husband because we had bills to pay, a house to maintain and two children to raise. But we also decided to buy a policy for me. If I were to die, my husband would have childcare and other expenses that were not part of our normal budget. We didn't want either one of us to have to struggle if the other passed. Now that our children are grown and we both work, we believe it will buy the survivor time to make important decisions - like whether or not to sell the family home. We are glad that we purchased the insurance policies when we were young - the cost was less and it was easy to get in the habit of paying it as a regular bill. It was never considered an option."
Single property owner- "I have two mortgages and a disabled tenant. My biggest concern is not leaving chaos behind for my closest relatives to contend with. The 30-year term policy I purchased will cover the balance of both mortgages so that neither house will need to be sold immediately. Once I purchased the policy I felt a sense of relief knowing that my tenant will not have the burden of relocating quickly and my family will not be burdened by my debt."
Whatever your situation is, there's probably a very good reason for you to purchase life insurance. Contact us for a quick quote or to learn how a life policy could benefit you and your loved ones.