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Home / Tools / What’s the Deal with Life Insurance?
What’s the Deal with Life Insurance? on 1/10/2021

What’s the Deal with Life Insurance?

There’s a common misconception that life insurance is only for those married with children.

But is this true?

According to the 2012 Aflac WorkForces Report, 58% of U.S. workers don’t have a financial plan to handle the unexpected, and 28% have less than $500 in savings for emergency expenses (51% have less than $1,000). If a person were to unexpectedly pass away, the loved ones would ultimately be responsible for handling the funeral arrangements, which can cost an average of $7,755, according to the National Funeral Directors Association.

Let’s talk about a few scenarios and how life insurance provides vital protection for your family:

  1. Married & Working Person – life insurance could replace your income so your spouse (and family) can keep living in your home and continue to afford normal living expenses without you
  2. Single Parent – life insurance could provide living expenses for your children and their guardian
  3. Stay-At-Home Parent – life insurance could provide enough income to pay for some of the services you currently lovingly provide for your family, such as childcare, eldercare, petcare, cooking, cleaning, and so much more!
  4. Self-Employed Businessperson – life insurance could pay off your business loans and cover the cost of dissolving your business
  5. College Student – life insurance could pay off student loans and car payments (that your parents co-signed for & are responsible for if you die)

Life insurance coverage can help protect your family and ease the burden of expenses you might leave behind to your family. It gives you peace of mind today and provides tax-free money for your family after you’re gone.

Insurance policies are not a deposit, not NCUA insured, not insured by any federal government agency, not guaranteed by the credit union and may go down in value.

Learn More:

We have partnered with TruStage to offer affordable life insurance to our members. Get a free quote today, or just talk with a licensed agent and get answers to your questions!

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Category: Business



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