Is Your Life Insurance Lacking?

If you’re evaluating your life and your assets, chances are you’ve considered life insurance. While it’s a difficult topic to discuss, doing so (especially while you’re young and healthy) can make all the difference in the world. Many employers offer this benefit to their employees, but there are a lot of gaps in coverage, which is why it’s so important to ensure your family’s financial success with your own personal Windham County Life Insurance policy. In this article, we’ll discuss the main factors that attribute to a lack of life insurance coverage.

Reason #1: Your life has evolved.

The life insurance policy you got from your employer might be a great gesture, but it doesn’t typically offer enough. For example, if you’re single with no dependents, the policy might be plenty. However, the limits can easily be exhausted if you end up with a spouse, children, mortgage, cars, and other expenses as you grow older.

As a general rule of thumb, the life insurance policy anyone carries should be approximately 7-10 times their annual salary.

Reason #2: You don’t want to spend the money.

The older you are, the more expensive your premiums will be, generally speaking. In fact, a 20-year term policy with a $250,000 death benefit might cost $13 a month for a healthy man who’s 25. But that same policy purchased by a healthy man who’s 50 would cost $43 dollars a month, explains Bankrate. The longer you wait, the more you’ll have to spend in the long run. Securing a comprehensive policy with adequate benefits is best done sooner than later to prevent gaps in coverage.

Reason #3: You’re the sole breadwinner.

In the event of your passing, how would your family pay the bills? From mortgages to college tuitions, your family relies on you for financial support. Therefore, going hand in hand with our first point, you’ll need to reevaluate your life insurance policy if you’re the sole breadwinner of the family, such as a single parent, or a parent with a nonworking spouse. Ideally, you’ll carry enough coverage to pay off the mortgage and take care of the kids.

 

About Byrnes Agency

At Byrnes Agency, we can help you decide the type of Life policy that suits your needs. Our life insurance specialists can help you find the right type of policy so you don’t buy more or less coverage than you and your family really need. For more information, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm