When I was 14 years old, my father passed away unexpectedly. He was 50 years old. He and my mother had just put all of their savings down on a house and unknowingly, his 10 year term life insurance policy had lapsed just three months prior. So there we were, I’m 14, my brother is 16, my mother is 50 years old and has never worked a day in her life outside of the home. We went from being an average middle income family to being completely broke. I had to start washing cars and cutting neighbors lawns, and my brother got a job as a dishwasher at a local restaurant. My mother knocked on the same neighborhood doors to get cleaning jobs. Life was pretty tough for the next several years.

What Does a Life Insurance Policy Cover?

A life insurance policy could have covered outstanding debts, funeral expenses, and our ongoing living expenses. Losing a loved one is an emotional time, having Life insurance allows you to focus on healing rather than worrying about how you’re going to pay the bills.

Types of Life Insurance

There are different types of Life Insurance. Term life insurance provides coverage for a specific period of time that can help during key life stages, such as raising children or paying off a mortgage. On the other hand, permanent life insurance, such as whole or universal life, offers lifelong coverage with benefits such as cash value accumulation, which can serve as a valuable asset over time.

Life insurance could provide your family financial protection and peace of mind during an uncertain time. By understanding your options and selecting appropriate coverage, you can safeguard your loved ones against life’s unforeseen challenges during one of the most difficult times in their life.

Thanks, Dave