Consider life insurance as one of the most unselfish acts you can make during your lifetime. Although New Hampshire life insurance brings peace of mind, it’s a protectant for your loved ones upon your death. We spend our lives protecting and providing for those closest to our heart – why should that end once we pass?
By purchasing a life insurance policy, you’ll have peace of mind knowing that in the event of an accident, sudden death, or natural passing, your family will be okay. The trauma of losing a loved one is enough; struggling to survive once the primary income is gone is a situation that nobody deserves.
However, choosing the right type of life insurance for your needs and your budget can be confusing. With term, whole, and permanent policies available, these policies become a risk management tool. Here, the experts from Brownell Financial take a closer look.
If you’re the primary provider for income, you need New Hampshire life insurance.
As mentioned, if you’re the primary source of income for your household, your passing will affect your family on significant levels. Beyond the devastating loss of a loved one, your family may be left struggling to maintain the lifestyle you’ve given to them. Whether a mortgage, vehicle payment, or common household utilities, ensuring your family is well-cared after your passing is the responsible thing to do.
Life insurance is not an investment – it’s a risk management tool
Unfortunately, some people rely upon their life insurance policy as a source of income after retirement. However, it’s imperative to realize that life insurance is not a financial investment. Instead, think of this insurance as a risk-management tool by eliminating the risk of a potential financial burden that may be placed upon your loved ones. If retirement funding is something you seek, there are several more options that will provide a much higher rate of return.
Saying you can’t afford life insurance is an excuse, not a reality
We understand that many individuals live on fixed incomes. Adding additional costs may not be a consideration. However, depending on the type of insurance you purchase, the overall benefit of life insurance far outweighs the cost. Besides, with options such as term life, you can potentially spend less than $500 a year on coverage!
Calculated methods of determining the ideal amount of coverage
Often, we hear of people purchasing life insurance independently, without professional assistance or a background of what to base the coverage amount. As with most insurance policies, life insurance involves specific calculations to ensure the proper amount of coverage. In most cases, supplementing 75% of your annual income proves to be a sufficient amount.
Brownell Financial is here to help
Remember, if you’re new to New Hampshire life insurance, our team at Brownell Financial is here and ready to help! You would never blindly choose a vehicle or home insurance policy, your life insurance is no different.
For more information on the types of insurance and how much coverage you should consider, contact our team today. For decades, we’ve helped bring peace of mind to families by providing expert advice on adequate coverage that works within your budget.