Knowing your benefits … Life Insurance

The unexpected, occurs just as it says, expectantly. Unexpected deaths can take a toll on you and your family emotionally but they can also take a toll on your family’s finances. A way to protect your family in the event that you, your spouse, or children were to die prematurely is life insurance.

To put it simply, life insurance protects those who depend on your income. In the event that you or your spouse were to die prematurely, life insurance would pay out a benefit amount to help facilitate your financial needs during that time including everyday living costs, long-term financial obligations, and final expense. It can help ease stress during that time and protect your family from financial ruin. Financial experts recommend life insurance benefits ranging from seven to 10 times your annual salary.

To decide if you need life insurance ask yourself the following questions. If you answer yes to any of them then life insurance may be a good option for you

  • Does your family have enough saved for funeral expenses?
  • Do you or your family have a mortgage, auto loans, or credit card balances?
  • Are you the main income earner for your household?

To be eligible for coverage, you must qualify as an eligible full time team member and be considered actively at work. If you are covered as a member, your dependents may also be eligible.

If you have any questions feel free to talk to HPD.

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