Whether you are somewhat familiar with life insurance or do not have the slightest idea what it is after reading this you will feel way more confident on the subject & be prepared to find the best life insurance companies in Memphis.
For many among our community life insurance may be one of those things that you know is important and can be extremely beneficial, but you may have felt in the past that you do not make enough money or do not have enough savings to start up a policy.
Uncertainty can make us hesitant to venture into new things, but were going to set the record straight so you can start reaping the endless benefits that a life insurance policy can bring you. By the end of this post you will know exactly what life insurance is and whether or not it is right for you.
What is life insurance?
In a nutshell life insurance is a contract between you and your insurance company that protects who ever depends on your income. In the event that you pass away those who depend on you financially, whether it be your spouse, children, parents, relatives, or a friend, will be able to continue with their lives without financial struggle.
Life insurance can:
- Cover rent or mortgage payments
- Cover child care
- Pay for college tuition/expenses
- Pay for assisted living expenses for an elderly loved one
- Cover funeral/burial expenses for a loss
- Allow your loved ones to maintain their standard of living
When you get a life insurance policy you agree to pay a monthly premium to your insurance company for your lifetime, or a specified term, and in return they agree to give your chosen beneficiaries a sum of money in the event of your death. The amount of money your beneficiaries will receive depends on the monthly premium amount & term length you choose.
Is life insurance right for you?
Here in Memphis, TN our large metropolitan area is home to several individuals each in their own unique situation. While life insurance is necessary for most people, it is good to know the specifics & scenarios on why it is necessary because we never know when our circumstances are bound to change.
Life insurance is for:
- Working Mothers & Fathers
- Husbands & Wives
- Single individuals caring for a parent or loved one: This can apply to those with spouses and/or children, as well as to those that are single with no kids. For instance, if your spouse does not work and/or you have children, then a life insurance policy can cover their expenses in your absence allowing them to maintain their standard of living & even cover college costs. Also, if you’re single, but pay for your parent’s or relative’s assisted living bills, then a policy can leave you assured they will receive the care they need.
- Full-time Mother’s & Father’s: In the event that the unexpected does happen your spouse will be forced to hire help to take care of the general & household tasks that you covered. With a policy they will be able to do this without having to work more to provide additional income for your family.
- Business Partners: The possibility of suffering financially due to the death of a business partner is worth considering a policy for. You work hard for your business, so you definitely want to make sure it’s protected.
Now that you know a life insurance policy is right for you the next step is to further your knowledge of the basics and become familiar with the different types of life insurance policies & see just how much coverage you need.
Get free expert insurance advice before you shop for your next policy. It pays to be prepared so check out our blog and take advantage of the several topics we cover so you won’t have to think twice about your next move.