As a parent, you may wonder why your children would need life insurance. After all, you might reason, they’re young and healthy. While that may be true, life insurance – like other types of insurance – is something that should be in place before you need it.
Insurance for Families
Things to consider when choosing life insurance
With the many options available for family life insurance you may need someone to help you understand the different choices and terminology. Gerber Life takes the guesswork out of family life insurance with articles that answer such questions as, "How does life insurance work?" and "How do I get life insurance?" Whether you're looking for a policy for an infant, child, adult or senior, we've got you covered when it comes to answering your questions about life insurance.
Just as no two people are alike, life insurance has no one-size-fits-all formula for the amount of coverage one should have. The type of life insurance and amount of coverage you should choose are based on such factors as your income, number of dependents, any existing coverage that you may have, and future anticipated expenses that your family may incur, such as college tuition or home mortgage amount. It’s therefore important to carefully select a life insurance policy and coverage amount to help ensure that you have adequate coverage should something happen to you.
Here are some considerations for choosing your coverage:
Life insurance provides security and greater peace of mind to you and your family, helping to ensure that your family is taken care of should the unexpected happen. Before you estimate how much life insurance you may need, you need to determine why you are interested in life insurance and whether or not life insurance is the right kind of protection for you and your loved ones.Read More
Borrowing money on various occasions is a normal part of life for many people in the United States. When unexpected situations arise, or during financially tight times, we often turn to our credit cards. Unfortunately, debt can quickly grow if we do not closely monitor the charges and do not pay our credit card bills in full and on time each month.
The average household in the U.S. has a credit card debt of $15,480, according to the personal finance website NerdWallet. The average mortgage debt stands at $156,474, and student loans account for an additional $33,424. Many families face a debt so large that they think they’ll never be able to pay it back in full.
Many ways are available to help people manage their finances and pay back debt. This might require making some hard decisions, but eventually those decisions can pay off – literally.
Here are some tips to help address debt and move toward financial freedom:
Most households in the U.S. have some life insurance coverage but often do not carry as much coverage as they believe they need, according to research conducted by the Life Insurance Marketing and Research Association (LIMRA). The most common reason, LIMRA cited is that the policyholder hasn’t gotten around to shopping for more coverage.