Any time we go through financial hardships, the loss of employment, or reduced hours, there is a need to look over the budget and see what can be trimmed off. Before you decide to cut out your life insurance policy from Choice 1 Insurance Agency in New Richmond, WI, there are a few reasons why you should make that monthly installment.
Accidents Can Happen
Just like the loss of work is unexpected, your passing could also be accidental and completely unexpected. Without the life insurance policy, your loved ones will truly have financial strains on top of your final costs and the lack of income that you have been experiencing. While a life insurance policy cannot replace your presence, it can alleviate some of the burden that comes with grieving and new responsibilities.
You Have Outstanding Debt
In the event of your passing, your debt isn’t automatically erased, and your loved ones will be forced to cover those expenses. As long as you have outstanding debt and needs, you should keep a life insurance policy intact for your loved ones. They can use the life insurance policy to cover these debts, allowing them to keep the property they were purchasing and intended to use just for them.
Subject to Rates and Testing
When you first got your life insurance policy, you may not have had to secure any medical exams and had lower rates for the policy. Depending on your age, there may be new regulations when you try to resume the policy and find yourself with a higher rate. This usually happens when the policy has lapsed more than a month.
Call Today To Discuss Your Options
If you live in the New Richmond, WI area and have questions about life insurance or want a personal quote, contact our agents at Choice 1 Insurance Agency today.
