Life Insurance

Have you ever thought about what would happen to your loved ones in the event of an unforeseen disaster?

Let's face it.  We live in some pretty crazy and seemingly tumultuous times.  We have a President who.....nevermind.  We live in a society where someone can walk into a Walmart.  Purchase an assault rifle instantly.  Leave Walmart and proceed to end dozens of innocent lives in less time than it takes most people to drink a beer.  Don't mean to sound like a pessimist.  Most people who know me would actually speak to how optimistic of a person I tend to be on a day to day basis.  However, I am increasing disturbed by a few different things that are happening at the moment.

  • Domestic shootings are happening at an increased rate this year  Check this Wikipedia list.  According to it, there have been 248 "Mass Shootings" this year

  • We are destroying the environment in major ways.  

  • The economy is about to go into a recession.  Check out this New York Times article from yesterday

I will stop there because there's no need to get too morbid on this post. So those are my three major grievances at this time.

But the point is, life insurance policies are one of the best ways to ensure your loved ones are protected in the event of a disaster.  Perhaps even one of these "random" disasters that seems to be happening at an increasing rate.  Like being a casualty of a mass shooting, a victim of a hurricane, or potentially even committing suicide after losing all your money in the stock market during the upcoming recession!  That last one, especially, was for dramatic effect of course.  All's I know is there are more and more reasons to obtain life insurance, and to give your family the piece of mind they deserve. 

 

P.S. I just had my second child two weeks ago.  That fact may also serve as a reason why I'm ultra-conscious and generally concerned about being protected.

There are really three main types of life insurance out there; term life, whole life, and universal life insurance.  Below are some advantages and disadvantages of the various types of policies:

Pros:

  • Injection of cash that helps deal with the negative financial consequences of a person's death

  • Tax benefits are greater than almost any other financial instrument, in that the benefits are usually tax free to the policy beneficiary 

  • The cash value associated with whole life insurance

Cons:​

  • Term life insurance only awards protection for a specific period of time.

  • Universal and whole life insurance premiums are substantially higher than term.

For Term Life insurance, there are a ton of carriers and service providers out there.

Below are a few that we found interesting because we can get covered online instantly.  In some circumstances, even without the dreaded medical exam.

  1. LadderLife