Understanding the Value of Life Insurance

 Does life insurance feel expensive or good value? It’s not tangible, you’re buying peace of mind. In fact, it’s a policy that you won’t ever get to use – but your family will. While you may not feel like life insurance is worth it, leaving your family without any source of financial support when you’re gone can be devastating. If you’re considering life insurance in Hudson, NY, read on.
Life insurance can pay your dependents money as a lump sum or as regular payments if you die. It’s designed to provide you with the peace of mind that your loved ones will be looked after when you’re no longer around to provide. Just like other coverage, life insurance premiums vary. In essence, the bigger ‘risk’ you are, the higher your premium. The risk factors include:

  • Your age
  • Your current health and weight
  • Medical history
  • Smoker status
  • Family’s health
  • Occupation
  • Lifestyle
  • Recreational activities

As you can imagine, everyone is different. That’s why it’s so important to get a quote.
Even if you have a bit of money in savings, you may still be wondering if life insurance is worth it or not. Let’s think about it this way: you probably use your income to help with running the home and looking after your family. What would happen if you fell ill or were to die suddenly? How would your family struggle without your income? They may have your remaining debts and funeral expenses to pay, too.
Life insurance can provide the reassurance that your loved ones could receive financial support in the event of your death, helping them to continue to live the lifestyle that they currently enjoy. If you have an outstanding mortgage or debt, a life insurance policy could help to settle any financial imbalance and protect your loved ones from the cost of repayments.
The team at Lofgren Agency is here to help with all of your life insurance needs. Visit us today in Hudson, New York to get started.

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