Shawn Meaike is the CEO and founder of Family First Life, an American life insurance company with agents in every state across America. He understands how important life insurance is and how it protects a family. While it may not be comfortable to think of death, it’s best to be prepared and protect your family in the event something unforeseen happens to you.
Why should I purchase life insurance?
If you are a parent or are considering having children, the best gift you can give your family is protecting them with life insurance. If you were to die prematurely or even at the end of a long and fruitful life, you want to know that your family and their expenses are covered, even when you are no longer here.
How does life insurance protect a family?
If you die prematurely, with life insurance coverage, you would be able to leave some money to your family to help cover their expenses. Thinking about the stage of life you are in helps you visualize how much coverage you might need. Later in life, if you pass away at an advanced age, your life insurance can help pay for your final costs.
If you are just starting out and are married, you would likely want to help your spouse with any schooling, housing or medical debts that you might leave behind. For parents with young children, consider the years of expenses ahead of them. Will they be able to attend and afford college? Will you help finance their weddings? Do your children have any special needs to consider?
How much life insurance should I purchase?
Thinking about the events in their lives and the costs associated with those events can help you figure out how much life insurance you wish to carry. You can always purchase multiple life insurance products to cover those times in life when expenses might be heavier, such as during the college years.
For instance, you may have a whole life policy coverage for 1 million dollars, but if you had several children that would be in college at the same time, you might purchase an additional 10-year term policy for an additional million dollars to cover their schooling costs if you passed away during those years.
Also, Shawn Meaike suggests you consider how much money you may have in savings and investments to ensure that your family is well provided for if you pass away. With less money invested or in savings accounts, you might insure yourself for a
higher level so that if you passed away, your family would have their expenses covered. While you cannot plan for every eventuality, it is important for parents especially, to consider the needs of their children and what costs they might encounter.
While no-one wishes to ever think of leaving their family, it is wise to spend some time considering the amount you would need to cover for their expenses as well as any debts you might leave. Better to be prepared and insured than to leave your family in a precarious financial situation. Consider how much you can afford to pay either monthly or annually for the best life insurance coverage possible.
