McShannon Insurance Plus

Helping you protect your health

Life Insurance

What is Life insurance and what is it for?

 

Life insurance and wills are planning for when you are gone. I admit it is an area that I was not quick to want to think about. Even if it is not fun to think about dyeing and passing away it can be an important thing to do 

 

There are different things to cover with Life insurance

 

What life insurance will be used for depends on when you are getting it and other aspects about your finances and life.

 

If you are young with a family

 

If you are young and have a family life insurance is for replacing your income either for a short period or long period depending on what you can afford and what is right for your family. It also can be used to help with covering cost for large expenses such as your mortgage so your family does not lose your house. 

 

You want to minimize the stress of finances to not have financial stresses stack on top of the stress that is already there of losing you.

 

There are a few different types of insurance, and which is right can depend on your situation and budget. This is best gone over in a one on one consultation, going over your situation and explaining the options. Options also vary depending on health.

 

If you are older


The older you are the higher cost of life insurance gets. At the same time your needs for it may also decrease, you will not as much need to replace an income potential more likely your focus is on covering cost of funeral and other costs, this type of insurance can be called Final expense insurance. You may also want to leave some money behind for other purposes. 

When is the time to look at life insurance?
In general as soon as you get dependents it is good to have a will and a life insurance plan, as gone over the right life insurance will change over time. The earlier you get life insurance the more options you have and the more you can get.

 

Is it to late?

 

You may think you have waited to long to be able to get life insurance, by either age or by a health condition you have gotten. There are tone of life insurance options out there, you may not get the large plan  you could have gotten  and another time, but there is something we can find for you and it can help your family be a little better off financially when you leave them, and that is a good thing.