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When Should I Consider Life Insurance?

Posted October 26, 2020 in Life Insurance

3 Minute Read: 

Approximately 54 percent of Americans have life insurance. This number should be significantly higher, considering life insurance is beneficial to everyone, especially in uncertain times like these. Our current situation has changed the way that many think about and live their lives. And now, with COVID lurking, nothing seems as guaranteed as it did just one year ago. 

Elderly couple searching for life insurance policies on their computer.

Are you interested in learning more about your life insurance options? Contact Gallant Risk & Insurance Services, Inc., by calling (951) 368-0700 or filling out our online contact form.

What Is Life Insurance?

Life insurance is a contract between an insurance policyholder and an insurance company. This contract spells out the details of the insurance company’s promise to pay a specified sum of money (death benefit) to the beneficiaries (chosen by the policyholder) upon the insured’s death in exchange for premium payments. 

What Are the Benefits of Life Insurance?

Life insurance gives you the reassurance that your family will have some financial stability in your absence. This is especially important if you are the breadwinner or bring any income to the household that your family relies on.

Some individuals receive a small amount of life insurance through their employer—for example, a percent of your income or perhaps a capped limit. Unfortunately, the amount provided by employers usually isn’t enough to cover the individual’s family needs and may only last while you’re employed with them.  

For that reason, many individuals choose to get a more extensive insurance plan that will take care of their families for years to come.

A life insurance package can cover costs such as:

  • Years of lost salary
  • Mortgage payments
  • Payment of debts such as credit cards, car loans, and student loans
  • Your children’s university costs
  • Other obligations, such as care for aging parents
  • Payment of medical debts
  • Funeral costs

Additionally, most life insurance death benefits / payouts are tax-free. This means your spouse or family members may receive their full payment without deductions.

Life insurance can provide peace of mind for both the policyholder and their family members, knowing that there will be financial help (for the family) in the event of a premature death (of the insured). 

When Should I Consider Life Insurance?

The current uncertainty the world is experiencing right now makes it more apparent than ever that you should consider life insurance. 

Accidents happen every day. People get sick and pass on. Part of being a responsible family member is looking to the future and planning for the unknown. 

For an affordable monthly payment, you can have some peace of mind knowing that your family will have financial protection in the event of a premature death. The last thing any grieving person needs is the financial burden that follows such a devastating loss. 

Don’t Wait a Day Longer to Get a Life Insurance Consultation or Quotes Today! 

Gallant Risk & Insurance Services, Inc., specializes in all types of life insurance, so you can find the policy that serves your needs. Contact us today for a hassle-free consultation to find out more.  You may also click here for a quick quote.

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