As summer starts to fade away, the verdant greens give way past the dried grasses and buzzing of cicadas in August to the first hints of coolness in the September air. Is it a coincidence that the cycle of seasonal growth starts its decline in September - at the same time as Life Insurance Awareness Month?
Probably…it’s possible we think too much about life insurance here at Ansay & Associates!
But it’s hard to ignore the drifting of life into the final quarter of the year where dying leaves start to litter the ground and our thoughts spin on this seasonal symbolic encapsulation of the life cycle. We may not know for certain what happens when we pass away, but we do know that the rest of the world marches on. So what happens to our loved ones when we’re gone? Who’ll help them? Are we setting them up for success once we’re gone?
Yep, we probably think too much about life insurance here…but folks who aren’t in the industry definitely don’t think about life insurance enough. Why? Maybe they don’t fully understand the benefits life insurance offers. Let’s take a quick look!
Why Life Insurance?
It’s sadly common for people to put off investing in life insurance, but it is kind of understandable - nobody likes to think of mortality, and it can be difficult to take a hard look at the responsibilities people have for their loved ones’ well-being. The good news is, there’s never been a better time than now to start planning. We like to offer encouragement whenever possible, so here are some advantages of getting a solid life insurance plan:
Get In Touch with our AdvisorsSome life insurance plans, such as whole, universal or variable life insurance can accrue cash value that can be withdrawn or lent out in case of emergencies or to pay life insurance premiums. A typical cash accrual period can be as short as 2 to 5 years, after which the money may become accessible, depending on the policy. More time is needed to see a significant return, however. Some policies may include the potential to collect dividends on your investment which can be paid out in cash.
A cash value plan may be a good idea if you can afford to spend a little more up front and you expect a longer runway to accrue more value (like starting the policy in your thirties rather than later on). There are drawbacks to this type of policy, including its expense, so it’s best to speak to an advisor first.
There’s no stopping the march of time, and each year a person ages they inch closer to their life expectancy. The nearer a person is to payout, the more expensive they are to insure. This means every year you wait requires a bigger investment to get and stay covered. And since humans aren’t clairvoyant (that we know of), a number of new circumstances could arise any day that could increase your costs to insure. So, acting quickly will reduce the amount you pay over the long haul. A term life policy (and certain group life insurance policies) allows you to establish a premium that stays set for the life of the policy.
With a whole life insurance plan in place and a long-term commitment to paying its premiums, your beneficiaries will have the funds needed to help cover housing costs, child & healthcare expenses, reduce or eliminate debt, and more. The best part is that your loved ones will receive the full amount of the benefit payout, generally without Uncle Sam collecting taxes on it.
The final benefit is the most obvious, but is without question the most important: your beneficiaries will get a financial boost to help them throughout their life. Working to leave an improved world in your wake is an achievable and honorable goal for everyone. Life insurance provides a safeguard for those you leave behind, which will improve their lot. Whether it allows them to more easily afford their rent, or provides them with a portion of start-up capital to build a business or invest, your life can provide further opportunity for your loved ones to lead a better life than if you didn’t opt for insurance coverage.
Did you Know?
The average life insurance policy payout is just under $170,000, but can be much more depending on the investment level and type of coverage. By consulting with a qualified advisor, you can be sure those you’re survived by will achieve some level of fiscal peace, just as you’ve found your resting peace
Inquire about Life Insurance
Contact the life insurance advisors at Ansay & Associates to review your existing policy or get started ensuring the financial stability of your loved ones.
You Can Always Call Us Toll-Free at: 1 (888) 262-6729
Ansay & Associates Partners with Ironwood's Brookside Insurance Agency
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