Life Insurance in Orlando, FL
Following a person’s death, their loved ones may face difficult times. In addition to the emotional and mental struggles that may occur among those in mourning, family members may also face significant expenses and subsequent financial stress. Fortunately, life insurance can provide critical financial assistance during this period.
What Is Life Insurance?
A life insurance policy represents an agreement between a policyholder and an insurance company, which generally ensures that a policy’s beneficiaries can receive financial assistance following the death of a listed insured. The details of life insurance may vary significantly, as there are several types. Some policies may also provide various financial opportunities, including the ability to accrue cash value.
What Does Life Insurance Cover?
The payout from life insurance can be used for many expenses or financial losses. In many cases, a policy may provide invaluable assistance in covering the following costs:
- Funeral expenses
- Burial costs
- Outstanding debts
- Administrative costs
- Medical bills
A life insurance payout does not typically need to be used for immediate expenses following the death of an insured. Many policies may be used to replace the income of the deceased and provide an ongoing source of income for their family.
When Do I Need Life Insurance?
Life insurance needs can vary significantly depending on a person’s unique circumstances. For example, a parent with young children may prioritize coverage more highly than a retired person without dependents. When considering their coverage needs, policyholders should weigh the following factors:
- Income replacement needs
- Financial assets
- Alternative savings
- Outstanding debts or taxes
- Future expenses (e.g., children’s college tuition)
Why Is Life Insurance Important?
Without adequate life insurance, a deceased’s loved ones may be left to manage significant financial stress alongside their grief. It’s possible that family members may lack the necessary resources to maintain their lifestyle. For example, spouses and children may be forced to move out of their homes if they are unable to keep up with outstanding mortgage payments.
The dedicated staff at Lee R. Rogers Agency are here to make sure that our clients and their families are taken care of by crafting optimal life insurance policies. Contact us today to get started.