News and Tips

Life Insurance Q&A 101:

29 Apr , 2011  

Question: Why do I need life insurance?

Answer: To protect your loved ones from financial hardship and complete financial ruins

Question:  I can’t afford life insurance.

Answer: Yes you can! We can work with any budget (some life insurance is better than not having any life insurance at all!)

Question: How can I afford life insurance when I lost my job?

Answer: How bad would it be for your family if you die and have no life insurance? If you are in a bad situation now just imagine how bad it will be for them if you don’t have any life insurance? We can work with you to help you obtain life insurance!

Question: I have life insurance through work, why do I need more?

Answer: If you lose your job, can you take the life insurance policy with you? The older you are the more expensive the life insurance becomes. Do you own the life policy at work?  Is the life policy at work enough to pay off the mortgage, education, the cost of raising a family with just one income? Having a life policy through work is great but you should have a separate policy outside of work.

Question: I stay home with the children and do not bring any income in; so why do I need life insurance?

Answer: The starting salary for a stay at home parent is $87,000!!! Just because you are a stay at home parent doesn’t mean you don’t bring any income. If the stay at home parent is gone the parent left behind will have to cover the cost of day care and other expenses the stay at home parent has been providing… You would want your child or children to have things, right?

Question: Why should I get life insurance on children? Isn’t that wrong?

Answer: 1. Many parents, grandparents, aunts & uncles get life insurance on children because they are insuring the children’s future. We do not insure a child for the death benefit at all! 2. Many permanent life policies accumulate cash value which could be used for collage, a wedding or later in life for retirement. 3.  Life policies are great gifts, the gift that keeps on giving after the parents, grandparents, aunts or uncles are gone. 4. We are insuring the child’s future! 5. Insurability interest (if they get sick later in life, they may not be able to qualify for life insurance).

Question: Why do I need life insurance; I am young with no responsibilities?

Answer: It is so smart for young people to get permanent life insurance regardless of whether or not they have a family: 1. You can get larger amounts of insurance for less money. 2. The great cash value you will have later in life to borrow or make a loan. If you get sick later in life, you can’t be denied life insurance

By Kcoll- Chad Hannon Agency

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