It’s not an easy topic to approach, not a sexy thought to consider, and not a pleasant eventuality to visualize, but despite our best efforts, we don’t live forever. A big part of sound financial planning is making tough decisions now for the sake of a better tomorrow. Life insurance is all about considering our loved ones in a tomorrow where we might not be present. So we thought we’d take a moment to consider some of the common questions people often wonder about when considering life insurance.

Who Assumes My Debt When I Pass Away?

If you own a business, have a mortgage, own a home, or have other personal liabilities, someone else will inherit those liabilities and generally it is the next of kin.

What Happens to My Children if I Pass Away?

This is not a great thought to entertain, but it does happen. We cannot predict the future and there are a lot of cases of parents passing away and leaving their children without any financial security or backbone. The ramifications of this go far beyond simple financial ones; they wreak havoc on a child’s stability, future, and security. The immediate aftermath can also affect people in a large way. Funeral proceedings are expensive and can send a family into financial ruin real quick if adequate preparations are not made.

As a Business Owner, How Is Life Insurance Important to Me?

If you run and own your own business, life insurance is relevant in a whole other way. Without a plan of succession, your business could simply be dissolved and you will effectively be throwing away years of work and dedication. Looking at life insurance options can provide you a way to ensure that you secure those assets and that your business goes to someone you love and trust.

How Does My Age Affect the Policy I Get?

Your age is an important determining factor in the plan and premium that you can get for life insurance. Depending on your age you can obtain terms of 10, 15, 20, 30 years and the premium is guaranteed not to increase for the life of the term period.

What is a Good Amount of Life Insurance?

Well, this depends on a variety of factors. Everyone’s situation is different and the first thing is to talk to trusted insurance or financial advisor that can help you sort through these important variables. A lot of times, it depends on your age, sex, and your current economic situation. You also need to consider the complexity of your current financial standing. In other words: How much debt do you have? What kind of debt? How many children? What is the status of your health?

Why Do People Get Life Insurance?

In the end, the impetus to buy life insurance is a little different for everybody, but the main reasons have to do with the fact that people like to have peace of mind when it comes to their family. Leaving your family in an unstable situation is a big weight to carry and most people want to protect their hard-earned investments, dollars, and the family they love so much.

So How Do I Get Started?

It’s not an easy decision to buy life insurance. There are a lot of things to consider and think about, but a trusted insurance expert can guide you through the different options and advise you as to which policy might fit your current situation and goals a little better.

For more information, connect with Advantage Insurance today.