Most people would agree that having some kind of life insurance in place is a good idea. Many of those same people feel as if the plan provided through an employer is sufficient. In fact, there are compelling reasons for purchasing individual term life insurance in Wichita KS and keeping it up to date for whatever term is selected. Here are some examples.
The Insurance Through Work Goes Away
Employers who offer life insurance plans as part of an employment package are becoming fewer. There are no rules that say any company owner must provide this type of benefit to employees, even on an elective basis. What would the individual do if the employer chose to discontinue the current coverage?
More importantly, what would happen if the company shut down and the former employee lost the coverage? If there is already a personal plan for Term Life Insurance in Wichita KS in place, the sting of losing the other policy will be easier to handle.
Money for Final Expenses
It is not unusual for people to take out term life polices so loved ones will have the money needed to settle final expenses. The benefits are paid directly to a beneficiary who can then take care of things like funeral expenses, credit card bills, or those last medical debts that are left after the medical insurance has covered most of the final health bills.
Since term life plans are affordable, they are a great backup to a whole life plan. The money from the whole life can be used to help the family handle day to day expenses while the term life settles final expenses. Not having to worry about money while grieving the loss of a loved one won’t take the pain away, but it will make it easier to begin healing.
For anyone who likes the idea of securing a term life insurance plan for any reason, talk with the team at Andy Woodward Insurance. After discussing what the client has in mind for the benefits and how much of a premium will fit into the household budget, it will be easy to find a plan that is a good fit.
