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According to a study published by Life Happens and LIMRA, 1 in 3 families would have immediate trouble paying living expenses if their primary wage earner died. Discussing life insurance with your immediate and extended family while you’re home for the holidays might not seem fun, getting on the same page financially is the best way to protect your family from falling on hard times if someone were to pass away unexpectedly. Below the team at Insurance Specialists, Inc. has detailed questions you should ask your family about life insurance.

Understanding What Life Insurance Is

Life insurance is a lump sum of cash provided to the beneficiary when the policyholder dies. Life insurance can be used in the following ways:

  • Settle outstanding debts you might have upon your death, so other are not forced to pay them.
  • Provide funding for your children’s college tuition
  • Ensure your spouse has the financial support they need to survive
  • Cover burial or other end of life expenses such as estate taxes.
  • Pay off mortgage loans

Do you have life insurance coverage?

Whether you are the oldest child just starting a family, or the youngest going to college, talking to your parents about life insurance can help provide insight on the many reasons people choose to purchase. If you are reading this as a young millennial finishing college, you might have several thousands of dollars in student loan debt attached to your name, without a life insurance policy, your parents could be stuck paying off your student loans if you unexpectedly pass away.

How much coverage do we need?

While many people will advise you to purchase as much life insurance as possible, ultimately the decision is extremely personal and depends on your needs. If your parents have life insurance policies, consider discussing how they arrived at their calculation.

What to do with these answers

To get the most out of these discussions, you will likely have to do research. At Insurance Specialists, Inc. our professional insurance administrators can help you get the answers you need. Give us a call today for more information about the benefits of life insurance. (888) 451-0883