10 Oct 2017 Life Insurance – Why You Need It

There’s nothing like family, and thinking about all the times you share together, you can’t help but want more. From graduation to wedding planning, to having kids of your own; families share such important life experiences. Unfortunately, these experiences can be cut short when you least expect it.

It’s our job to help prepare you for these instances. We work to find the right life insurance policy to ensure your family is covered even when you aren’t there to help. And while we never want to think about it, just knowing your family can remain financially stable in the case you pass away lifts a large burden.

When choosing your life insurance policy, there are two main types:

  1. Whole Life: Covers you your entire life as long as you pay the premium as agreed.
  2. Term: Pay premiums on a monthly or annual basis and your family is protected for that term.

You can also ask your insurance agent about other policy options to fit your specific needs!

So how do I know how much life insurance I’ll need?

At Berry Insurance, we review your monthly expenses and debts to determine what is needed to cover your monthly lifestyle. Generally, the average American should be able to cover expenses for 14 years after passing. Calculate the right amount by multiplying your annual income by the number of years you want to cover your loved ones. Add in any funeral expenses, mortgage, debt, or tuition costs. Subtract any retirement money, pension, your spouse’s salary (if married), and any other sources of income after death.

What will affect my life insurance policy?

There are many factors that come into play when finding the right policy for you. First is age. It’s a smart idea to think about life insurance when you’re young, as the prices may be a bit lower. But age isn’t the only factor. Your life insurance is also affected by gender, health, family history, and your career. We take every aspect into consideration when finding the most fitting policy for you!

Here’s a not-so-fun fact: 41% of US adults either do not have life insurance or do not have enough. Imagine if you left your family suddenly without any financial security. Think about the impact this would have on their lives, and how you can make sure this doesn’t happen.

Want to protect your family in the unfortunate event of a loss? Call us today at (800)-941-3317 to talk about finding a life insurance policy, or you can schedule a consult online to let us know you’re interested!

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