Some people say they don’t need life insurance because they believe they’re fine without it. However, from before you even take your first breath through the days that follow your last, everything costs something – and not everything can be planned for. Having life insurance in place is a way to make sure that you’re able to take care of those unexpected expenses while you’re alive, and to cover your final expenses when you die.

When you choose NOT to have a life insurance policy in place, you accept that you may not be able to cover your own funeral expenses when the time comes and, if that ends up being the case, you also choose to leave that responsibility for your loved ones to handle. Not only will your family be dealing with their grief, but also the financial burden that accompanies the situation – your unexpected death could also mean unexpected debt. After all, one of the leading contributors of bankruptcy are the final expenses left behind by a loved one.

Thinking about your own death and thinking about life insurance can feel morbid for some, but it may feel better to go through that thought process than to come to the end of your years and realize that you’ve not got a solid financial plan in place to support your family after you die. Statistically, 70% of families will be bankrupt in a matter of months if they lose their primary breadwinner. Rather than relying on family or the community for assistance in these situations – GoFundMe, anyone? – this is when life insurance most certainly comes in handy.

Another benefit of life insurance is establishing generational wealth. Traditional ways to create generational wealth are through building successful businesses and having multiple streams of income. Alternatively, a great way to transfer wealth between generations is through life insurance. For pennies on the dollar, you can easily create wealth for the next generation, thereby enabling them to live a life easier than yours.

If you’re a parent, or if you have anyone who is dependent on you – be it your children, God-children, a niece or a nephew, your parents, your spouse, or even your grandparents – it would be wise to consider a life insurance policy. Once put in place, in the unfortunate event that you pass away, it’s there when they need it and you no longer can be.

Personally, when I think about wanting to create a better foundation and a legacy for my kids, I immediately think of life insurance – it’s a simple, effective, and affordable means by which to do that. If, like me, you have a similar desire to create a better legacy for your dependents, then life insurance could help you reach your goals just as easily.

When you’re ready to establish your life insurance plan, it’s good to keep the following considerations in mind:
• Your life insurance policy should be greater than five times your annual income
• Your ideal life insurance policy is one that will accumulate a cash value over time
• You should be sure to know and understand all of the policy’s additional benefits
• You should be sure that your plan meets your future financial goals
• You should be sure that your premium fits into your monthly, or annual budget

There are a few additional factors that come into play when calculating your premium, such as your age and health status, but a life insurance agent can help with the finer details of the policy, tailoring it to your unique needs. At the end of the day, once a life insurance policy is in place, you’ve got a solid plan to take care of yourself, your debt, and the future needs of your family.

For more information, contact Mahkai W. Outerbridge on 294-4618 or 534-0006 or email