Today, we discuss the ever-important topic of life insurance with expert Chris Monaghan of Farm Bureau Insurance! He brings his extensive experience to the table to help you get better acquainted with the importance of life insurance.
Life insurance is about how much time your surviving family members would need financial support should something happen to you. It provides financial security to replace lost income and pay off existing debts, such as mortgage loans, childcare, college expenses, and more. It’s one of the more expansive protections you can buy and is a key component in any proper financial planning.
Life insurance is important for homeowners because it can be used to secure a family’s home by making up for lost income or paying off an existing mortgage. This allows the family to continue to reside in the home they’ve grown up in. It can also provide financial support for simple tasks like upkeep, maintenance, and repairs. Not having to worry about financial issues will allow you to focus on the healing process.
For what it covers, life insurance really isn’t very expensive. A healthy 35-year old non-smoker could qualify for a $1 million life insurance policy for as little as $29 a month! Think about it: if you were to cut your daily Starbucks consumption in half, you would easily be able to afford life insurance. Furthermore, life insurance is tax-free money, which allows you to maximize what you’re able to leave to your loved ones, or even charitable organizations.
Life insurance is based on age and health. The older you get, the more expensive life insurance becomes. We recommend exploring all of your options early to lock in low rates and maximize the benefits.
If you want to talk to Chris about your insurance options, you can reach him at (734) 332-0599 or www.InsureDexter.com.
As always, if you need real estate help of any kind, don’t hesitate to give us a call or shoot us an email. We’re always available to help!