By: Edward L. Blais, JD, CIC
Preparedness goes a
long way toward coping with the curveballs life throws at us. It’s not
necessary for us to report for spring training to be ready for the unexpected,
but a consultation with our insurance agents could help whip us into solid
financial shape.
Your agent can show
you how families can leverage life insurance to replace income when a
breadwinner passes or when a relative such as a grandparent wants to help out
with college or wedding expenses.
Studies show that
when the income of a principal earner is lost, it takes families several years
to recover financially. It’s possible to alleviate some or all of such a burden
with life insurance, which can pay for funerals and burials; credit card debt;
loans; legal fees; estate taxes; immediate household expenses; long-term
obligations; or future costs. I am confident you want to ensure that your
family will not lose its home, medical expenses will be covered or your
children will be able to pursue their educational goals.
Life insurance
coverage can also be used to replace retirement savings a family was
anticipating. With the appropriate coverage, a spouse or domestic partner will still
have a stable and comfortable retirement even if his or her significant other
has passed away.
Ask your agent if a
select term or whole life insurance policy that covers one or two income
producers is best for you and your family. Also, inquire about what policy
riders, some of which might remain level for 30 years, are suitable. In
addition, you might be able purchase a children’s term rider that you can
convert at the time of expiration to provide lifetime coverage for each child.
Because grandparents
are considered to be extended caregivers of children, they can purchase life
insurance in a grandchild's name. Such policies are an excellent tool families
can utilize to provide financial protection for their most precious
“possessions.” If a child is under the age of 14 ½, parents must sign the
policy.
We would be happy to
sit down with you to review your options and design a plan customized to your
specific needs and budget. To schedule a complimentary policy review, call
Blais Insurance at 725.0070.
