There are two unwavering truths about life insurance: Nobody likes talking about it, and nobody likes paying for it.
Why? Because purchasing life insurance is an admission of your own mortality, or that of those close to you. And paying for insurance can be unfulfilling because there is no benefit unless you or someone you care about dies. But the fact is, talking about the possibility of death doesn’t make it any more likely — and not talking about it is almost guaranteed to leave you unprepared.
Maybe the best way to overcome this reluctance to discuss life insurance is to focus on its practical benefits. Proceeds of a life insurance policy are typically used to:
- Pay final expenses, such as burial costs
- Settle unpaid medical bills
- Pay attorney fees for estate administration
- Settle estate taxes
- Pay off a home mortgage
- Pay off loans or credit card debts
- Provide income for survivors
- Provide money for children’s educations
Of course, not everyone has all these needs. But your First Command Financial Advisor is extensively trained to assess your situation. Your Advisor will take the time to explain how much and what types of insurance — permanent (whole life) or temporary (term) — make sense for you, and can incorporate that information into an insurance strategy to protect your assets and provide for the financial security of your loved ones.
To learn more about the benefits of life insurance as part of a financial plan, contact a First Command trusted Advisor today.