Insurance is generally for things that may never happen. In some cases, however, it is for things that are inevitable. In these cases we hope that inevitability arrives later rather than sooner. Life insurance is the perfect example of this. All humans are mortal and the end of life is unavoidable. Life insurance has an undoubted value, however the real questions revolve around how much life insurance is enough. When considering life insurance, one needs to consider some of the unknown events that can and do arise, and the impact of life insurance.
Covering Student Loan Debt
When surveyed, many young people express deep concerns about leaving a burden for families and dependents. However, the current generation of college graduates, holds record levels of student debt. For recent graduates, some sources place the average at approximately $27,000.
Despite many efforts in government to control college and graduate school costs, the nation’s supply of young, highly trained leaders, comes at considerable personal, financial costs. Public loans can be forgiven in a number of circumstances including the untimely death of a recent graduate, or heavily indebted former student.
Private lenders take a different view; they can pursue collection of private loans to the estate, and any co-signors. Coverage for the balance of student debt is an insurable interest, and a highly advisable one. The amount of student debt can be written as a policy in favor of a co-signor such as a parent, relative, or friend.
Savings Beyond Cash
In the current economic climate, many young people forgo investments and have only modest cash savings. There are many stated reasons including a desire to pay off debts first. As young graduates start families, life insurance is a necessity, and under-insurance must be avoided. Insurance can protect future family income and improve overall security. Young college graduates can use life insurance as a means of beginning to gather savings and wealth. Obtaining sufficient protection for future family economic security is a great way to use insurance, and make certain that it is enough.
Covering Long-Term Care
Life insurance products have evolved with changing economic times. One area of concern for everyone is long-term care. Young college graduates pay surprising attention to this idea, expressing strong feelings about maintaining a lifestyle that does not burden family and friends.
Recent developments have led to combining life insurance benefits with insurance coverage for long term health care. This combination guarantees that the benefits of the policy will not go unused. If one does not require long-term health care, the policy pays as life insurance.
Life Insurance as a Cash Asset
Life insurance is an asset that one can convert to cash. By features such as advanced death benefits, and life settlements, an insurance policy can be a valuable source of cash. It can generate money for expenses, and it can protect an estate. Considered an asset that could interfere with eligibility for Medicaid, Florida is among states trying to permit the sale of insurance policies and application of the proceeds into a fund for long-term care.
The quality of insurance coverage, and the many uses it can provide, depend on getting great quotes from top carriers. Working with more than fifteen of the leading insurance companies, creates a strong position to explore the markets and to develop insurance proposals that meet customer needs. With a focus on bringing in the best values in life insurance, the best opportunities come with reliance on the best resources.
Herndon Carr
10501 Six Mile Cypress Pky #101
Fort Myers, FL 33966
239-939-1996
