Speak with an experienced advisor! (800) 208-4575When someone dies without a life insurance policy it will almost always place a financial burden on the family members and it is usually because they didn’t plan ahead to protect their loved ones from that financial burden.
There are different reasons that someone doesn’t have a life insurance policy. Some reasons are common but some are too complex to go into here. Some people may not even understand themselves why they don’t have a plan. It could be a mental or emotional block, not seeing the need, extreme financial poverty, thinking they have lots of time, thinking they will get it “later”, lack of concern or love for family members or sometimes there are no family or heirs left behind.
Many people think the process of getting a life insurance plan is too confusing or difficult so they just simply don’t want to move forward. They are unwilling to admit they need the expertise of the professional life insurance agent in order to understand the terminology so they go through life unprepared. Think of it this way; we are not all engineers, carpenters, painters, teachers, construction workers, or insurance agents etc. We all have our levels of expertise, talents, and skills that we work with on a daily basis and your life insurance professional is required to complete continuing education classes regularly so that he can serve you within state and federal laws and guidelines. He will be able to answer most of the questions you have about life insurance or know how to get the answers for you.
There are some people that just don’t want to talk about death or dying and will avoid the subject even to the point of anger and they will refuse to make financial plans for when their eventual death will occur. Thus leaving that burden to their spouse, children or other family members to shoulder. Purchasing a life insurance policy doesn’t mean you are rushing up a death or having bad or morbid thoughts. Quite the opposite! It is a way of showing your family that you love them enough to plan for a future event that will take place sooner or later for everyone.
Another reason someone doesn’t have a life insurance policy is they think that life insurance is too expensive. They may or may not have gotten a quote and they never spoke to a life insurance professional about all the benefits of having a policy so they didn’t have a clear picture of how it would benefit them and their family members. They also may have never had to plan a funeral for a loved one or been placed in the position of being financially responsible for a funeral and discovered just how much stress this can place on a family emotionally and financially when you are unprepared. If they thought life insurance was expensive with a monthly premium of for example $39, $59 or even $79 per month how are they ever going to pay a lump sum payment to the funeral home of $7500 to $10,000 plus for a traditional funeral? Most funeral homes will not extend credit and the family is forced to do a simple cremation or ask for donations and start go fund me accounts.
There are different types of life insurance plans available that your licensed insurance professional can discuss with you. Some have the death benefit but some also include living benefits that will pay for heart attack, cancer and stroke for example. Life insurance when it doesn’t have the living benefits doesn’t usually directly pay the insured but pays the beneficiary upon the death of the insured. But this but will provide the insured the peace of mind that they have taken care of the future financial need so their family doesn’t have to. The primary financial benefit goes to the beneficiary or beneficiary’s left behind.
*NOTE* There are life insurance policies that can be set up for retirement and other financial purposes with a direct payment or benefit paid to the insured of the policy. Speak to your licensed life insurance professional for more information and details.
Of course, we only discussed a few of the issues here but we will be adding more articles in the future and you can always contact us for your life insurance questions and needs. We are here to serve our clients with honesty, integrity and exceptional service. Contact us today at: 800-208-4575.
