An unexpected death would affect many other things other than just making sure the bills are paid every month. It would also have a negative consequence on future commitments like college funding for your children or the support of a disabled child. Do you have the financial funds set aside to continue to fulfill those commitments? Clear Solutions Insurance Services is helping families in Colorado Springs understand what’s needed to empower themselves to be financially secure for the future.
You’ve probably already protected some things: your home, your car, etc. But the question remains, have you protected the most important thing–yourself? Loss of life could also mean the loss of your home, the ability to pay for your childrens’ college education, or even the life you have been working towards for retirement. We can’t control when our time is up, but we can put in safeguards to protect against those possible devastating moments.
Life insurance protection will help you continue to be able to protect and provide for your family, no matter what happens to you. There are four options to consider when looking at life insurance planning–your income, your government, your family, or your protection funding plan.
This could be an option, but only if there is enough remaining income to sustain the lifestyle of the surviving family members. If not, sustaining the current family lifestyle would deplete savings and retirement funds, which will affect your longevity and legacy plans. This could also have negative consequences on future commitments like paying for your children's college or more.
One government option that might provide some replacement income for the surviving spouse is Social Security. However, this isn’t always a possible option and might not cover enough for the remaining family members. There are many factors that would determine if this is a viable option for you and your family or not. Even if it is an option, it will not replace 100% of the lost income.
Choosing family as an option doesn’t really make sense unless there are adult children, parents, or relatives who are willing to step up and make the necessary payments or pay off debt. There will also be an ongoing need for income in order to pay for necessities like food, shelter, utilities, clothing, and more.
There are several different options to choose from nowadays, including ones with “living benefits” so you would have access to the death benefit funds without having to die. You might even have the added benefit of an employer-provided life coverage. If so, it’s important to know what the total benefit is and determine if it’s enough to provide for your family. Life coverage options include term life coverage, term coverage with “living benefits,” permanent life coverage, and more.
There are many things to consider when looking at what life insurance option is right for you. When considering the big picture, creating a plan can be very empowering for you and your family, today and tomorrow. But it is important to speak with a professional insurance advisor who can help you understand your options and choose what’s right for you. You can schedule a call with Tom today and get started!
Clear Solutions Insurance Services is here to educate and empower you with income protection planning, providing you with the proper confidence, knowledge, and tools to help protect your greatest asset: you.
You also get access to our FREE online eligibility assessment tool and direct access to Tom to answer your questions and help with coaching if you desire.
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