Some things to consider about life insurance and why it is important.
Even if your kids are grown and your mortgage is paid off, there are still reasons why having a life insurance policy is a good component in your family security portfolio. Before you seriously think about cancelling your policy, consider these reasons why life insurance is still worth having.
Think of Your Loved Ones
Life insurance is one of the few types of insurance that is more for your family than it is for you. That’s why it’s important to consider the needs of your loved ones before you decide to cancel your policy. Regardless of how your family’s financial situation looks, the costs associated with a death can put a strain on anyone’s finances. Additionally, your loved ones might find it difficult to work as they are grieving. Not only will your policy cover any expenses associated with your passing, but it could also provide a means of financial stability for your loved ones. When you think of your life insurance as a means of comfort rather than simply a financial obligation, you might find that keeping your life insurance is a worthwhile investment to protect your family and their future.
There are Other Ways to Save
If you are financial situation takes a down turn, and cancelling your life insurance policy may seem like a good way to save we recommend you speak with your insurance agent before you make a final decision. There are ways to save money on your policy without actually cancelling it. For instance, you could speak to your insurer and ask if you could get reduced rates in exchange for reduced coverage until your finances improve. Additionally, if you and your spouse each have your own policy, you could save by switching over to a joint policy. Trying out these suggestions will help you save some money without losing the security that your life insurance policy offers your loved ones.
These are some of the things you should consider before deciding to cancel your life insurance. If you have any questions regarding your policy, or if you would like to get the coverage to provide for your loved ones, contact the experts at Randy Jones Insurance Services in Pleasanton, California. Our dedicated team is always ready to assist you with your insurance needs.