What's your why for Life Insurance? AAA Life provides great coverage for your "why"
What’s Your Why? Surprising Reasons to Consider Life Insurance Have you ever stopped to think about the countless reasons why you need life insurance? Your “why” isn’t just about who you’re protecting, it’s about what you’re doing to help protect them. Life insurance can help cover you for the now and whatever’s next. Here are some quick facts to help you get started.
It’s not just for later — it’s to put a plan in place for today.
Many people wait until a major life event prompts them to get life insurance coverage. But planning now can help prevent financial stress later in life. You’ll never be younger than you are today, which makes it more likely you’ll be approved for coverage at a lower rate than if you wait. Life insurance isn’t only for protecting your family from the unexpected — the right product may also help you pay for milestones while you’re still around to enjoy them and have funds for an emergency.1
It’s about knowing — and owning — your coverage.
Many companies offer life insurance as a benefit of employment. If you work full time, chances are you have some kind of group insurance plan through your job. It’s a perk if your company offers life insurance, but it’s also important to know exactly what that benefit provides. Many group policies aren’t portable; that is, if you change jobs, you can’t take your insurance coverage with you. Further, such policies may only offer a limited about of coverage. You may need access to more coverage to adequately protect yourself and your family.
It’s also important to remember that you don’t actually own the policy — your employer does. That means your employer can change the terms of your coverage at any time, without consulting you. Depending on the terms of your group plan, you may not be able to increase coverage when you experience a major life event, such as getting married, having a child or buying a home. That’s why it’s important to have supplemental coverage that you own and can keep even if you change jobs.
It’s about leaving behind nothing but good memories.
The median cost of a funeral with visitation and a burial is $8,508, depending on where you live. 2 That cost is projected to double over the course of the next two decades.3 When you pass away, the last thing your loved ones will want to do is worry about how they’re going to pay for your funeral. Add to that the possibility of house payments, car payments and other debt that you may owe, and you’ll see that it’s important to take steps to ensure your family won’t have the added worry from bills, and instead can concentrate on moving their lives forward.
It’s not as expensive as you may think.
Depending on certain factors such as age and health, you may be able to get coverage for less than the cost of one dinner out each month.4, 5 Talk to your AAA Life agent about your situation and your financial goals, and find out which life insurance options are best for your needs and budget.
AAA Life and its agents do not provide legal, financial, or tax advice. Therefore, you may wish to consult independent professional advice prior to the purchase of any policy.
1 The policy death benefit will be decreased by any loans and debt.
2 National Funeral Directors Association Statistics
3 The Rising Cost of Dying, 1986-2017 United States Department of Labor
4 Based on monthly premium for 20-year level term policy, male, age 35, non-smoker. Source: ValuePenguin
5“Here's how much it costs to eat at 22 chain restaurants”, Business Insider, Ashley Lutz, March 2015