Graduation season is here

The middle of May can be an exciting time for parents with kids in college or high school.  For parents of high school seniors it is the exciting of graduation and possibly college.  For the parents of college students it could mean another year in the books or college graduation.  One thing that both High School and College parents might have in common is the cost of college.  College costs continue to rise and that can put a burden on students after graduation.  Loans are typically taken out to help cover the cost of tuition.  Many times students are unable to be the sole signer on these loans and a parent cosigns on the loan.  Being a cosigner on a loan is a great way to help your prospective student out, but it comes with a risk.  If that student were to die you could be on the hook for the balance of the loans.  One way to help protect you from this is with life insurance.  A term life insurance policy could help you by giving you a payout in the event of the person you cosigned for passing.  This could help keep a tragic situation from getting worse.  In some cases a life insurance policy can give you a discount on your home and auto insurance.  Contact us today at 412-344-2800 or click one of the buttons to connect with us on social media.  Let us help you figure out your life insurance needs. 

Why do I need life insurance?

Insurance can be a topic that is often misunderstood; life insurance is even more misunderstood than home and auto insurance.  Home and auto insurance can protect tangible things, your house, your wedding ring, your car, and many other things.  What does life insurance protect?  For starters it also helps protect your house, auto and many of your tangible things.  How long would it take for your family to feel the impact of losing your income? Would losing your income hurt your family’s ability to keep your house and car?  According to lifehappens.org “about 38% of Americans believe they would feel the financial impact from the death of the primary wage earner within a month of their passing”.  One month is not a very long time considering that income is gone for life.  Protecting your home and auto isn’t all life insurance can do?  It can provide you money for funeral expenses, college tuition, credit card debt, loans, and daily living expenses (lifehappens.org).  When you look at all that life insurance can protect, the cost seems to be secondary at that point.  So where can you get your life insurance? There are few options but talking to your insurance agent is a great place to start.

 

I get life insurance through my work.  That is a statement a lot of people make when being ask about their life insurance needs.  Do you know how much life insurance you have through your work?  Typically it is not enough value to cover what you need.  There are many online life insurance calculators to help you with need.  Lifehappens.org has one.  You can also call us at 412-344-2800 or email us or contact us via our social sites with the buttons in the top right hand column.  What would happen if you leave your job?  Would your life insurance stay at your old job?  Most life insurance through work plans is only good if you stay at your job.  Thinking you can just get life after you leave your job if you need it, maybe yes but at a cost.  Life insurance is dependent on certain factors like age and health.  Buying life insurance early while you are young and in good health can save you money now and down the road by not having to pay larger premiums due to disease and health issues. 

 

With all of the things life insurance can protect, it has to be expensive right?  Most Americans overestimate the cost of life insurance by a great deal.  Term life insurance can be a cost effective way to give you a death benefit.  Term insurance covers you for a length of time for a set amount of coverage.  30 years at 300,000 would be an example of a possible term policy.  Here is something else to consider, your life insurance policy can give you a discount on your home and auto.  When you look at your insurance cost on a monthly basis, the cost could be very insignificant.  Other life insurance products can not only protect your loved ones after you passing but provide a cash value to you.  To find out what life insurance could cost you, contact us.  Let us find you the right coverage at the right price and take the guessing out of life insurance.

 

Valentine's Day and February

February brings Valentine’s Day.  This February lifehappens.org brings you Insure Your Love.  Erie Insurance is one company that is helping to celebrate this month long event.  According to lifehappens.org the #1 reason people buy life insurance is because they love someone and want to make sure they’d be protected financially if something happened to them.  Despite this reason also according to lifehappens.org, only 55% of American families have life insurance. 

 

What are some reasons that someone would purchase life insurance?  For one it will help your loved ones to cover funeral and final expenses.  Another reason is to help replace the income lost by the passing of a loved one.  Life insurance can help pay for school, pay off a car, or pay off a mortgage.  Do you have a co-signer on a college loan or any financial obligations?   If you or a loved one where to pass would that passing create a large financial burden.

 

There are many times in life when someone would think about purchasing or increasing life insurance.  Life changing events like getting married or having a baby could change a need for life insurance.  Co-signing on a loan, buying a car or a house could generate an increased need for life insurance.  During the month of February think about your loved ones and how your passing would change their lives.  We would like to extend the offer to talk about life insurance to you.  Call us or reach out to us via email or social media.  See how cost effective life insurance can be, and how it could lower your home and auto insurance as well.