The Necessity of Florida Life Insurance

The Unthinkable

Imagine the unthinkable happens, and on the way home from work, a father of a two and a loving and dedicated husband is hit head on in an automobile collision. He doesn’t make it more than a few moments before he passes from this life to the next. After the funeral services, after the grief counseling, and after the initial grief has begun to subside, certain things still remain with a vengeance: the mortgage on their house, the monthly bills, the cost of food and clothing for the two children. 

The Necessity of Florida Life Insurance

Why is life insurance important? The grief of losing a loved one is not to be overshadowed by the threat of financial ruin, but the two often go hand-in-hand. Sadly, too many people die before their time, taking with them any sense of financial stability from his or her family.  The bills from just the funeral services alone can be enough to cause great distress to the surviving members of any family, let alone the other bills still present despite the sudden lack of income. 

Mortgage payments, debt, and investments in the family’s future are often overlooked when considering whether or not an individual can afford life insurance. It is important to keep in mind that life insurance isn’t just another month bill, but an investment in your family’s future, a safety net in case the unthinkable happens. 

How to Buy It

There are a variety of options like available to consumers to purchase affordable and quality life insurance. There are brokers, who can help you shop from a variety of companies, insurance salesman who can offer you programs in-house, and even some employers who include the option in their benefits packages. 

  • Brokers: Brokers are available both online and in-person, and can quickly navigate a variety of plans available from an array of companies. Brokers are ideal to finding a good deal, especially when no employer-based option is available to you. 
  • Salesmen: Salesmen for individual insurance companies can give you the ins and outs of their particular company. They’ll be quick to outline features specific to their insurance firm, and will help you build a stronger bond with your insurance provider from the get-go. 
  • Employers: This is often the most convenient way to buy life insurance, cutting out the shopping experience almost entirely. Although options may be limited, many employers offer incentives to choosing their life insurance program, including price reductions and automatic withdrawal from paychecks. Some employers even match contributions in a similar way to IRA or retirement programs. 

Choosing the Right Coverage

Like all other forms of insurance, you want to select a plan that is both affordable and more than adequate to meet your family’s needs. There are a variety of factors you should consider when deciding between plans, including yearly income, size of debt, and the number of individuals in your household. An adult who has no dependents will need less coverage than a father of four. Similarly, an individual who earns more than $250,000 annually will have a very different base for standard of living than one who earns $50,000. 

The easiest way to estimate how much life insurance you need is to take time to evaluate exactly how much money your family would need to pay off any outstanding debts, taxes, funeral expenses, household expenses, educational costs and emergency needs that might arise. Taking a long look at your family’s finances will point you in the right direction, and talking to a life insurance broker can give you a better idea of how much of a monthly premium you can afford to take on for any given policy. There are policies in every price point, so take time to shop around and find the right plan for your family. 

When is the Right Time?

The easy answer from is, it’s always the right time. Most people choose life-changing events to take purchasing life insurance seriously. The birth of a child, a marriage, or divorce, or even the death of a loved one can spur a person to begin evaluating their life insurance options. The sad fact is that most individuals postpone purchasing until closer to end-of-life, driving up their premiums for sometimes unimpressive policies. 

There is no such thing as purchasing too early, even single adults with no children should seriously consider making the investment, as an early purchase is likely to lower future premiums. Life insurance policies are even available for children, and can by carried over into adult life. Many policies allow you to adjust your policy as life events make more coverage necessary. 

It’s never too early to purchase life insurance. Your life may change, your family may grow, but those events will only make this a greater need. Life insurance can give you and your family peace of mind. Ensuring that members of your family are cared for financially after you’re gone may seem macabre, but it is a necessary step towards planning your future, and preparing for the unthinkable.