Are You Facing Economic Uncertainty?
Term Life Insurance Holds Its Value
by Christopher Snyder
In today's economic climate, life insurance is more important than ever. In the event of your death, your family's financial safety may hang in the balance. Term life insurance always retains its value regardless of downturns in the stock market, the housing market or the job market.
Three Reasons Why You Should Consider Term Life Insurance Right Now
#1 -- When your 401(k) let's you down, life Insurance is the answer.
The value of most retirement plans eroded badly during the current economic downturn. Other savings and investments probably suffered a serious downturn as well. In the event of your death, your family probably has far less money in your 401(k) or other savings than you previously had.
#2 -- When your home equity disappears, life insurance solves the problem.
Has the value of your home gone down? If so, then the potential to borrow against your home's equity has also seriously eroded, or is completely gone. Previously your surviving spouse could have planned on borrowing against your home's equity to help make ends meet... For most people, that's not the case any more. In this situation, life insurance is a perfect, cost-effective solution.
#3 -- When the job market takes a nosedive, life insurance provides regular income.
Stay-at-home spouses have often returned to work outside the home after the death of a husband or wife. However, the current job market makes it very difficult for a such spouses to make that transition. With the current unemployment rate above 10%, life insurance provides what the job market cannot — a reliable income.
Huge numbers of American families face these financial challenges in today's difficult economic times. Now imagine what happens if the chief wage-earner(s) in the family suddenly die. It's not nice to think about. But it is a potential reality for which we all must plan. Life insurance is the financial safety net which protects surviving spouses and children when the unthinkable happens.
It will be bad enough if your family has to go through the devastating emotional pain of losing a husband or wife, mother or father. But think about how the additional burden of a financial crisis would affect them. Life insurance can be used to pay their mortgage and car payments, put food on the table, pay college tuition and other daily expenses. And the cost of term life insurance is very affordable.
Term life insurance retains its value regardless of changing economic conditions. When home values plummet, 401(k) balances drop or jobs become difficult to find, life insurance retains its original value and protects your family in the event of your death.
Life insurance is more important than ever. We urge you to make sure you have sufficient life insurance protection. Our licensed, professional and friendly agents are standing by to help.
Christopher Snyder is a Chartered Life Underwriter and a Chartered Financial Consultant. He is the Chief Executive Officer of Spectrum Direct Insurance Services, Inc. View Chris' profile on LinkedIn.
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