Thanksgiving is the Perfect Time to Talk to Your Family About Life Insurance

For many families, this Thanksgiving will be the first time in nearly two years that they will gather together in person, which may make this holiday season an emotional one for many.

If the pandemic has taught us anything, it’s that life is both fragile and fleeting. Because the people that matter to you most will most likely be gathered in one group, the holidays can actually be the perfect time to have the rather uncomfortable but all important conversation about life insurance and post-life wishes.

5 Reasons to Purchase Life Insurance

Life insurance isn’t about you – it’s about those you love. There are many ways a life insurance policy payout may be used to provide for loved ones after your passing and, depending on the type of policy, even during your own lifetime.

To Prevent Personal Debt from Becoming a Burden to Loved Ones

Generally speaking, most debt does not just vanish after someone passes away. While there are  

laws that clear your spouse and other family members from responsibility for your debts (unless they are cosigners or joint holders), your estate will likely be liquidated to pay off your remaining balances. Life insurance policies can help pay for estate taxes and ensure your estate remains in the family.

To Help Pay for A Family Member’s Education

Life insurance can be a great way to help your children pay for undergraduate and/or graduate studies. Beneficiaries, such as your adult children, may also use the life insurance benefits to pay off existing student loans – considering that some may be burdened with student loans for 30 years, you could improve your child’s quality of life considerably with this benefit.

Additionally, if you are younger and have student loans that a family member, such as a parent, cosigned, life insurance policies can pay off your student debt. This ensures that your loved ones aren’t responsible for the remaining balance.

To Help Loved Ones Avoid Paying for Expensive Funeral Costs

The average cost of funeral expenses in California is nearly $12,000; however, the costs can quickly surpass this average.. At a minimum, life insurance makes it possible for loved ones to put together a purposeful remembrance without worrying about expenses.

To Ensure Your Spouse Is Financially Secure

Life insurance payouts do not always have to cover specific items, such as funeral costs or student loans. You can purchase a policy with affordable premiums that will make a lump sum payout to your spouse, children or other named beneficiaries. If children are involved and there’s a primary breadwinner, many plan for life insurance as income replacement for that primary wage earner. We always encourage clients to also plan for life insurance for whichever spouse plays the lead role on childcare. If something were to happen to that spouse, alternative childcare arrangements would need to be made and we all know that is not easy or inexpensive. 

To Make a Lasting Impact

Perhaps your estate is large enough to ensure your family members are well taken care of when you’re gone, but you’d like to give back to your community as well. The beneficiary of your life insurance policy does not necessarily have to be a relative. You can designate a charity, educational institution, or other organization to be a beneficiary of your life insurance policy.

Don’t Wait: Talk to Your Local Life Insurance Agency Today

Before you have a conversation about life insurance over this year’s Thanksgiving turkey, call The Weiser Agency to speak about your options. Our local team will help you find the right

coverage for your needs – whether that’s term life insurance, whole life insurance, universal life insurance, or business life insurance.

Let’s have a conversation. Fill out our contact form here or call us at (805) 984-3777.