Tuesday, April 17, 2018

Why Is Life Insurance Important?

Courtesy of: Protective Life

The value of life insurance cannot be overstated. Life insurance offers protection for your prospects/clients family and home in the event of their death. Help prevent financial hardship for your clients' loved ones with life insurance.

Some people may think of life insurance as just another expense. The question your prospects/clients need to consider is would someone in their life suffer an economic hardship if they were to die? If the answer is yes, then life insurance is important for them to have.

Married with children
If your prospects/clients are married and have young children at home who depend on their income, they have a clear need for life insurance. If they were to die, the loss of your client's income could cause an immediate financial hardship. Not only would this make it harder for their family to make ends meet, but for them to realize future goals such as a college education. Even if one spouse is a stay at home parent and doesn't bring in a formal paycheck, his or her death means that the surviving spouse will have additional expenses such as child care, cooking, and housekeeping - all necessary services for running a household.

Married without children or singles
Why is life insurance important if your clients' don't have children or a spouse? Just because they don't have children or are married, doesn't necessarily mean that they don't need life insurance. If their spouse or significant other depends on your client's income to keep the bills paid and to run the household together as a joint venture, then having the financial safety net of a life insurance policy is vital. And whether they're married or living the single life, who is going to pay the costs associated with their final expenses? Things such as funeral costs and jointly held debt (such as a cosigner on a loan) are just a few of the costs that they'll need to consider in the event your clients were to unexpectedly die. Unless they already have sufficient financial resources to cover these expenses, their survivors will most likely need life insurance to help pay for it all.

Having enough life insurance is just as important
The loss of a loved one is an emotional and traumatic experience for any family. But not having enough money to meet immediate and ongoing living expenses, can make a very difficult situation even worse. Not only are the people your clients loved grieving their loss, but they'll now have added financial stresses to cope with. Depending on their current financial resources and ability to get back on their feet both emotionally and financially, their loved ones could be forced to move to a less expensive home or community, forego education and career plans, and cut back on their quality of life. They may be even forced to take out loans to pay for your funeral and burial costs, as well as any outstanding medical or tax bills.

If your clients are still wondering why life insurance is important, stop them to consider the potentially devastating consequences of not having coverage to financially protect the people that they love.

Learn more about the life insurance resources available to you and your clients. If you have potential clients, Partners Advantage can guide you thru the life insurance process and can let you know which carrier would best meet for your clients' needs. Call us at 888-251-5525, Ext. 700.

You can view the original article post on Protective Life's Learning Center website:

This material is intended for educational purposes only. You should not treat any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion and experiences. Partners Advantage does not warrant or guarantee the accuracy or completeness of the information contained herein. 

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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