Kathy Beaven Insurance

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Life can be unpredictable. Having adequate life insurance can help put your mind at ease, knowing your family will be taken care of in the event you’re not there in the future. Contact us today to know more.

Life Insurance

Life can be unpredictable; everyone knows this. Things can happen we would never expect, and not being prepared for them can have unforeseen and unpleasant consequences. Having adequate life insurance can help put your mind at ease, knowing your family will be taken care of in the event you’re not there in the future.

Almost no one (except, perhaps, insurance agents) like to think about life insurance. It can seem depressing and downright scary. However, a bit of preplanning now can save months or years of heartache for your loved ones later.

Below are answers to some common life insurance questions to get you thinking. After you’ve read them, give us a call. We’ll be happy to separate fact from fiction and answer all of your questions regarding life insurance.

Q.  Do I need life insurance if I’m single?
A.  While you may not have the traditional family or dependents, life insurance is still a viable option. Investing in life insurance that provides a return is a safe investment vehicle. Term insurance is also a good option because of its low cost. Whichever you choose, in the event of an untimely death, the proceeds can cover end-of-life expenses and any money remaining can be donated to a favorite organization or charity or used to benefit another individual or family.

Q.  Isn’t my company’s life insurance coverage good enough?
A.  This insurance is only effective while you work for your company. Should you decide to leave, or are unexpectedly terminated, you lose your life insurance coverage until you buy your own or join a new company. Another factor to consider:  The older you are when you buy life insurance, the higher your premiums will be. Buying life insurance when you are younger has a definite cost advantage.

Q.  Is term insurance a good investment?
A.  While term live insurance doesn’t offer returns on investment, it does provide peace-of-mind 24/7/365 without high premium costs. If you are simply looking to provide a payout upon your death, term insurance is a good investment.

Q.  Isn’t life insurance only for people over 40?
A.  No, the unexpected can happen at any time. As noted above, the younger you are when you buy life insurance, the lower your premiums. Plus, if you use life insurance as an investment vehicle, your returns will be higher if you invest when you’re younger. However, if you haven’t purchased life insurance and you’re 40, 50, 60 or older – it’s not too late!

Q.  I have children. Do they need life insurance policies, too?
A.  While no one likes to consider the death of a child, having a life insurance policy on him/her could cover the cost of a funeral and any medical bills not covered by health insurance. In addition, some policies grow in value, which could provide a small nest egg to your child when he or she cashes it in as an adult.

Q.  My banking institution has sent me an application for accidental death coverage. Should I buy it through them?
A.  Many bank products focus on “accidental death” versus true life insurance. Carefully review the documents your bank provides before putting your money into a policy. It may be a good add-on to life insurance you already have, but it may not be necessary.

Have more questions? Give us a call!