I don't need any more life insurance....but what I need is something that will guarentee that if I die that my family won't be under so much financial pressure! If I die my income won't be flowing into the house anymore, so it would really help if you could tell me how I could relieve several of the big money pressure points for my spouse, like the monthly mortgage, or the kids education fund, or the car payments, or the credit card debt!
Did you know that is exactly what life insurance can do for you? I know what you're thinking....life insurance is supposed to provide enough money to bury me so my family isn't stuck with a funeral bill right? Sure life insurance takes care of this, but it does so much more than just that. When a household wage earner suddenly passes from the scene, life goes on for the rest of the family, and so do the bills!
Another thing you may be thinking is this: "I have life insurance at work, so I am all taken care of". That is one of the biggest mistakes people make is assuming they have enough when they have life insurance at work.
Financial experts generally agree a head of family wage earner needs 10 to 15 times his or her salary in life insurance, when most jobs provide only 2 to 5 times your salary on average. Another leap in the dark is this: if you are putting all your eggs in your group life insurance basket plan, you are assuming you will work at your current job until the day you die. Other assumptions you are making are....
1)You will automatically get another job right away (Even though the country is currently approaching 10% uemployment)
2)Any other job you go to will automatically have the same or better group benefits that you have now (even though no one knows where the chips will fall when it comes to major changes in what employers will continue to offer in healthcare given the changes in store next year).
3)You are also assuming you will never get seriously ill, because if you do, you may have to leave your job and depend on a personal life insurance policy, which you never purchased because you assumed you had enough life insurance at work, which you may not be able to get now because you are seriously ill.
Are you beginning to see the downside of all of these assumptions? Leaps in the dark are precarious....and they are especially dangerous when it comes to leaps in the dark regarding the financial future of your family if something happens to you.
Every family needs a personal, permanant life insurance plan, regardless of whatever group benefits you have from work.
