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Three ways life insurance can help your family financially

If you have a dog, chances are you’ve taught him a trick or two—including, perhaps, “play dead.”

You may be wondering what this dog trick has to do with life insurance. It’s not fun to think about, but by “playing dead,” you can begin to understand what your family’s life would look like if something happened to you. If you weren’t there, how would your family be impacted financially?

Consider these statistics from LIMRA:1

  • Among households with children under 18, four in 10 say they would have immediate financial trouble if a primary wage earner died today.
  • Another three in 10 would have trouble keeping up with basic living expenses after several months.
  • Overall, seven in 10 of all households said they would have immediate trouble covering everyday living expenses after several months if the primary wage earner died.

Life insurance is an affordable solution.

A life insurance policy can provide your loved ones a cash benefit if you pass away. The money can be used to help cover many expenses, from funeral costs and final expenses to a legacy for your loved ones.

Here are three other things a life insurance benefit can help cover:

  1. Mortgage or rent fund

    Your loved ones may need money to pay off a mortgage or for monthly rent payments.

  2. Education for your children and grandchildren

    The average cost for an in-state, public college education is $80,360.2 For a private college education, you’re looking at $181,480.2

  3. Lost income

    This is the amount of money a family may need to replace. Lost income is based on these important factors: current income, current life insurance coverage, liquid assets and any Social Security income paid to qualifying dependent children or spouse.

Are you ready to experience the peace of mind that comes with knowing your family’s financial future is secure? Contact us today to talk to one of our agents/producers about your life insurance options or read this new blog post.

Everything you need for the life of your retirement

1LIMRA, Facts About Life 2016, September 2016. 

2The College Board, Trends in Higher Education, April 2017.

Bankers Life is a private company that is not Medicare, Medicaid or MaineCare and is not a governmental agency