Let’s face it – almost everyone needs life insurance! Only the super-rich have no such need. Because, no matter how we’d like to believe otherwise, we all die, but none of us know the time and day. Life insurance for low income earners may be a wise move.
What if your time comes long before you expect – how will your family survive…?
Quick Guide to Life Insurance for Low Income Earners
- Limited Resources – But You Still Have Responsibilities
- Term Insurance is the Most Cost Effective Option
- Term Insurance is Affordable if you are in Good or Average Health
- Funeral Costs Loom After Retirement
- Contact an Independent Agent Like Huntley Wealth to find Best Rates Today
How will your family pay for your funeral? How can they make ends meet when you and your partner are low income earners, already stretched to the limit?
Most Americans have some need for life insurance. Karla Lant, The Simple Dollar
OK, Life Insurance sounds great, you agree, but what if you can’t easily afford to add the cost of life insurance to an already super tight budget?
What if you hardly make it from paycheck to paycheck? How can you even consider life insurance?
Do you have a family that counts on you for food, a roof over their heads, clothing and education? I do, so, I cannot ignore this important aspect of my responsibility as a spouse and parent.
Especially when we struggle to pay our monthly bills! What would happen if I were to die unexpectedly? How would my spouse pay for my funeral? How would they keep our home with only one income? Would they have to move in with the grandparents?
What if you don’t have parents to help in the case of such a terrible situation?
Maybe it’s time to give life insurance some serious thought, no matter how little you can afford it…can you afford to be without it?? I think not!
Term Insurance is the most cost-effective option for most people, and if you want to provide for your spouse and children, a term policy can be tailored to fit your needs AND your budget.
As of this writing, a 35 year old non-smoking male in great health can purchase a 20 year term policy with a $250,000 death benefit for only $14 per month! That’s enough money to take good care of the family and even help with college education for the kids, for less than the cost of a family meal at McDonald’s!
Even if his health is just average, the cost is still not bad, at about $25 per month. With a 20 year term policy, you can rest assured that your children will be grown and no longer in need of your support before it comes to term.
And, if, God-forbid, you are taken from them during that time, at least you know you have done all you can, in life, as well as in death, to take care of their needs.
What if you are retired? Your children are grown, why would you need life insurance? I’ll tell you why-because you don’t want to leave anyone with the financial burden of your funeral! Not your spouse, and certainly not your grown children.
So, even if you and your wife are struggling to live on a small Social Security payment, you should still look into coverage to cover at least the cost of a funeral. I often talk to new clients who have just come home from an aunt or uncle’s funeral, shocked at how expensive it was for the unprepared family!
** They tell me that their relatives didn’t have life insurance, and that their family had to scrape together enough to even bury their parent!
This is such a sad situation – sad on top of sad…the loss of the parent was terrible to bear, but then to be burdened with the cost of the funeral was simply more than they could handle!
Those conversations ALWAYS end with an application being submitted as my client wants to avoid that same fate… And even if you have serious health issues, we likely have a policy to fit your needs. If nothing else is available, we can use a guaranteed issue policy for those that cannot pass the health requirements of a traditional term policy.
**The cost of a simple funeral runs between $8,000 and $10,000, depending on where you live.
That’s a simple funeral – many can cost thousands more! Not to mention that the person left in charge of making these final arrangements will likely have to miss some work, and often must also take care of moving expenses as well.
Very few of us have an extra $20,000 laying around just in case of an emergency such as the death of a loved one.
With each passing year, the cost to purchase life insurance grows. If you act now, instead of later, when a friend or relative dies, scaring you into action, the cost will be less, because you are younger, and probably healthier, than you will be down the road.
As independent life insurance agents, we are able to compare the different carriers, and get you the very best policy to meet your needs, AND not break your budget.
We work with only A rated carriers, so you can be confident that they will be there when you need them. We are also very experienced in finding the right carrier for your personal health and lifestyle situation – We will find the carrier that fits your life like a glove!
This means we can comparison shop for you, finding the best policy and at the best rates to suit your particular needs. We don’t use high pressure tactics and are easy to talk to and would be happy to give you all the advice you need.
Don’t let life insurance intimidate you and don’t delay! Call us today at 877-443-9467, and we’ll be happy to help!
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