If you don’t have life insurance, what happens to your family if you were to pass away? Could they continue to pay the bills? Could they afford food and clothing? Were your kids left without their dad? Your family could be in big trouble if you don’t own life insurance.
It’s hard to imagine what a sudden loss of income can do to a family’s finances. Many families will struggle to make ends meet if their primary source of income is lost. Especially if they have young children or other dependents that rely on them.
It’s crucial to have a secure financial future for your loved ones through life insurance.
What It Does
Often times it can be a way to keep a roof over your family’s head if you have just recently purchased or refinanced a mortgage.
Most families typically should get a minimum amount of coverage worth the mortgage so that the house is not at risk.
The banks are always waiting for a moment like this. A very opportunistic moment where they can slide in and take the house from you. Not only the house but also any equity you may have built into the house.
These banks have no mercy and they do it time and time again. Having life insurance in place will keep your house in the hands of your family. That way they don’t have to downsize or possibly explore the option to rent an apartment.
But the house is just the tip of the iceberg if something were to happen to the bread winner of the family.
You must take into consideration other cost factors that are necessities for your family.
Food, clothing, college education for children, not to mention any debt left behind.
You want to make sure the life insurance coverage is high enough so that all these problems get taken care of.
How much coverage should I get?
A general rule of thumb most families follow is to take the salary of the bread winner and multiply is by 10-15. This is a ballpark range of coverage where most families end up going with.
Sure, you can definitely get more. However much you feel your family would need, but this would be a good starting point just to get started.
Where can I get it cheap, fast, and affordable?
Viielentra is the go-to source for life insurance as they provide a free scholarship upon purchasing a policy.
Their free scholarship will take care and assist your child’s college educational needs as well. So that one thing to keep in mind, as other companies won’t have that same opportunity.
It’s a unique tuition rewards program that can give a discount of up to $62,720 at private participating colleges across the country.
Most life insurance companies will offer nothing more than a death benefit- Viielentra has changed everything with providing more than just a number.
Viielentra provides families with the value of life insurance and the tools for their kids to afford the cost of higher education.
Click Here to learn more and share this to any families who are in the early phases of parenthood and financial planning.