Seniors, can we talk?
Attending a funeral is never the highlight of anyone’s day. Ruth and I had lunch the other day after attending a funeral and she told me about her cousin, Brad and his wife Betty. They recently bought life insurance policies. Ruth said they told her that they believe everyone should have a life insurance policy to pay for burial expenses. (In fact this is the primary reason most people buy life insurance – to cover burial and final expenses.) Neither of them had ever had life insurance and now they feel they’re getting older and it’s time. They’re ready to fill that void and have peace of mind. Yes, that peace of mind is greater than the monthly premium they’re paying. We then started talking about life insurance in general. Sometimes we need to be reminded that life insurance is not for the living – it probably won’t help you while you’re alive. Life insurance is intended to help your spouse, children, grandchildren, survivors or beneficiaries. It may help them pay bills you either had when you died or created when you died. Ruth told me she read that 30% of households have NO life insurance at all. And half of all households feel they need more life insurance. If you are 65 years old and your parents were 30 years old when you were born, that makes your parents 95 years old. If this describes you, then there’s a good chance that unfortunately you have had to plan a funeral. Did you wish there was more life insurance? “Quick money” to pay the burial and final expenses? I’ve never heard anyone say there was too much life insurance when someone died and they wanted to give the money back. Life insurance is “quick money”. Most life insurance is paid within ten (10) days after the insurance company receives the claim form and certified death certificate. No concerns over when and if you can sell a piece of real estate or divide a farm, is your business partner really going to buy your interest or is the stock market going to be up or . . . down. If you “think” you have life insurance, make certain you do. Know where you policy is and tell your beneficiary. Make certain it is in effect. When did you pay the last premium? Don’t let your beneficiaries be surprised when you die to find out that policy is actually worth zero, zippo, because you forgot to pay the premiums. Why are we talking about life insurance? Based on the calls I’ve received recently you are interested in life insurance. How do you want to be remembered when you die? That you took care of your personal business or you just never got around to it and ended up creating a burden? Is it too late to buy a life insurance policy because of your medical conditions? Some policies are guaranteed. Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
September 2023
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