Deciding which family members need life insurance depends on individual circumstances, but there are common reasons why families insure different adults and children. If you live in the Snellville, GA area, and have questions about family insurance, read this article and contact our Birdsong Agency Inc. team.
Insuring Family Members
By law, the insured must cooperate with the insuring process, and the person buying the life insurance must face financial loss or hardship if the insured person were to die. So, while it may be unpleasant, one way to consider the family members to be insured is to consider the financial risk associated with each family member’s passing.
Heads of Household. With few exceptions, you should insure the household’s primary breadwinners or caretakers to reduce the financial hardship of their loss. Some also insure heads of household as a means of building or passing on wealth.
Minor Children. Minor children seldom contribute to the household finances, so their life insurance policies often cover only funeral and related expenses. It can also be helpful to insure children with specific health issues to ensure they have some life insurance in adulthood.
Adult Children and Siblings. Losing adult children or siblings can have negative financial impacts if they care for or financially support aging parents for those left behind. Their loss would lead to increased elder care expenses. Life insurance for adult children and siblings with shared businesses or who have borrowed money from you can also provide financial protection against their loss.
We Are Here To Help
There are many reasons for insuring the lives of family members. Our Birdsong Agency Inc. team, serving the Snellville, GA area, will help you with these decisions and select the insurance coverage that best meets your family’s needs.
Life insurance is often misunderstood. The benefits of this form of insurance are many for people of all ages. However, making the choice to invest in life insurance is deeply personal and should fit your life and your future goals. Our team at Birdsong Agency Inc. is committed to helping Snellville, GA residents understand this insurance and get the coverage they need.
What is Life Insurance?
In short, life insurance is designed to pay someone (beneficiary) a lump sum of money in the event of the insured person’s death or after a set amount of time. You can buy life insurance to cover your entire life or for a set period of time, hence the terms whole life or term life insurance. The insured individual pays premiums in exchange for the lump sum (death benefit) paid out to beneficiaries of their choosing. Typically, there aren’t any stipulations in terms of how the payout is used by your beneficiaries.
I’m only twenty-five. Is life insurance a wise investment at my age?
Perhaps. Life insurance has many benefits and can be adjusted to fit your life and your needs. As a young person, life insurance could pay off a student loan, mortgage, or any number of things in the event of your death. Although it’s most commonly associated with people who have families, mortgages, and assets, it has benefits for young people as well. If you pass away with student loan debt, your family members might be left with this debt. Life insurance could cover this debt to relieve your family of this potential financial burden.
Reach Out To Us
If you have questions regarding the benefits and the practicality of investing in life insurance as a young person, call us at Birdsong Agency Inc. in Snellville, GA. We’d be happy to answer your questions and help you explore your options.
The Birdsong Agency Inc. team is here to help guide Snellville, GA area residents with all of their insurance needs. This includes life insurance. We understand that choosing the right life insurance policy to protect your family can be a stressful process. We are here to help make the process as seamless as possible. Call us today!
3 ways life insurance can protect your family
When it comes to life insurance, there are many benefits for your family. Those benefits may change throughout the different stages of your life, but they are ever-present. These are just a few of the many benefits of life insurance.
- The early death of a parent or spouse – is the reason that most young families become interested in the first place. It’s a comfort to know that one’s family will be taken care of, no matter what may happen.
- Cash benefit to cover major expenses while living – with a permanent policy, it is possible for the policyholder to accrue a cash balance through their policy. These funds can be used as a living benefit.
- End-of-life coverage at any age – leaving expenses for loved ones to deal with, is something that many people want to avoid whenever possible. With this coverage, it is possible to cover burial and other expenses without putting a financial burden on one’s surviving family members.
Want to learn more about the benefits of life insurance? Call us today!
If you live in the greater Snellville, GA area, you can rely on the team at Birdsong Agency Inc. for all of your insurance needs. We are here to answer all of your questions and provide the information you need to make informed decisions. Give us a call or stop by today!
Are you ready to purchase a life insurance policy? The team here at Birdsong Agency Inc. can help you determine which type of life insurance is right for you. If you are a resident in the greater Snellville, GA area, we are here to assist you in your purchase!
Life insurance options
There are a number of different life insurance policy options available in our area. The first choice to make is whether you want a term life policy or a permanent policy. Term policies are generally more affordable and last for a specific period of time, such as 15 or 30 years. A permanent policy will last for your entire lifespan, as long as you keep current with your premium payments.
When it comes to a permanent policy, you will have a number of different options. There are whole life, universal, and variable policies that are available. The type of policy that is right for your needs will depend on a few factors. What is your current age, are you interested in a financial investment as well as an insurance policy, and what is your level of risk tolerance?
Answering these questions is a great way to start the selection process. The next step is to sit down with a local agent. They can help you determine the policy that best meets your needs. Choosing an appropriate life insurance policy is an important part of planning for your future and your financial wellbeing.
Give us a call today
Here at Birdsong Agency Inc., we are ready to help all of our friends and neighbors in the Snellville, GA area with their insurance needs. If it’s time for you to get a life insurance policy, call or stop by our office today!
Life insurance is something universally beneficial. It protects those you love from the financial devastation caused by losing the primary breadwinner in a family. Of course, the loss of the stay-home parent can be just as devastating. When answering the question of who should have life insurance, it is hard not to say that everyone should have it. While that is the simple answer, nothing in life or death is simple. At Birdsong Agency Inc. in Snellville, GA, our agency has more than 50 years of combined insurance experience. We use the experience to provide our customers with the information they need to make informed decisions about their insurance needs.
Today’s families are different from families in the past. In the past, the father was the one who worked outside the home, and the mom stayed home and took care of the children and the home. Today almost 65% of families have both parents employed outside the home. That means mom needs life insurance as much as dad does. Even if one parent is staying home, trying to replace them with paid help will strain most incomes. It makes looking at life insurance very different and ensuring both parents are insured more important than ever.
Life insurance may not be a big necessity for younger people who don’t have a dependent or debt. As long as you have enough money to pay for final expenses, you should be fine.
For seniors, part of estate planning is having your final expense paid in advance. If you are done with mortgages and have a solid amount of savings to keep you comfortable for the rest of your days, life insurance is unnecessary.
Contact Birdsong Agency Inc. in Snellville, GA to discuss your life insurance needs. Visit our website to see all the insurance products we offer.