It isn't in our nature to think about losing a loved one in the family. Especially the parent. As a parent we never ever want to consider the ramifications of the outcome of something happening to us leaving the rest of the family to take care of themselves. Funeral preparation and costs now must be taken care of and where would the money come from? What about the general bills that add up each month that need to be paid for? University or college costs for the children when they grow up? Death is not a pleasant subject, but having life insurance can help give you peace of mind for those 'what if' moments.
With life ins coverage you are essentially protecting against the financial damage that occurs from the loss of the parent that brings in vital income each month to sustain the family. Without the monthly income due to the tragic loss of the working parent the family is still financially protected. We will go into the positive aspects of life insurance and how to easily purchase life insurance without having to go from agent to agent.
The greatest aspect of life insurance is that it protects the financial well-being of your family. Let's think about what would happen if something happened to the parent that is working to sustain the family. From that day on all the expenses will be the responsibility of the remaining spouse who may or may not be working at that time. What you may not have ever considered was funeral expenses which can range from $5,000 to over $10,000. Not to mention the cost of any hospital or medical bills that you may have left behind.
Let's say that you were the bread winner in the home, you were the main source of income. Your spouse and maybe even your children will have to work twice as hard to pick up where you left off. The kids may be left alone at home while the surviving spouse must work 1 or 2 jobs or extra shifts just to take care of the kids.
By having a proper life policy in place the financial catastrophes are one less major detail to worry about. With the protection of having a life policy you can address the negative results stemming from the loss of the working parent head on. You can give the gift of financial security if something were to happen to the either one of the working spouse(s).
It is important to keep in mind that even though having insurance coverage is vital to protecting the family, purchasing enough life insurance coverage is even more important. Make sure you protect your family for a time period of about 20-30 years time while the children are growing up and really depend on you for their living. Take your annual income over 20-30 years to get a good idea of how much life insurance your family needs for protection.
For example you make $50,000 per year. In the event of your death you would want your policy to provide for at least 20 years. The absolute minimum amount of term life insurance coverage you would need to protect your family would be one million dollars. Additional expenses to add to the policy include funeral costs, possible medical expenses, college fund for the kids, paying off the mortgage on the home, etc..
Remember not to burn a hole in your wallet when you purchase an insurance policy. Choose the right type of life insurance (term life insurance) to protect your family without cutting too much out of your money.
Talking about the purchase of life insurance with your family is already difficult enough but having pressure from an insurance salesman to get a policy adds more stress. You don't want to be in a pressured position when deciding on purchasing life coverage. It is an important decision and you want to be relaxed to think things through to make the right choices on the details. That is the reason that getting life insurance online is one of the most stressfree ways to getting a term life insurance policy.
When buying life insurance online you are free to take your time, to compare policies and figure any extra costs. There would be no need to rush through with a purchase by going online. Going this route you can make your own decision on a policy at your own pace. Being at the computer you and your spouse can discuss all details with 100% privacy and following through with the purchase whenever you would like. With an insurance agent present it complicates things as they have an ear on all your objections and concerns. There are also other life insurance companies that allow you to print your instant life insurance policy from your printer as well.
Never forget that the protection of the family financially is paramount because the result of a tragic loss of the income provider can be devastating. With the proper term life insurance protection you can properly protect your family's future in case anything happens to the working spouse. So take some time out of your day to look up a few insurance policies online and get your life insurance needs out of the way so you can spend more time with the ones you love.
Source : http://ezinearticles.com/?The-Right-Reason-to-Have-Life-Insurance&id=4344060