When people consider gifts, Life Insurance is not something that springs to mind. In fact you could argue it would sadly ever me mentioned. It is not cool like tickets to a concert or the latest high tech gadget and for many people it is definitely on the morbid side. It is normal when we provide our loved ones with gifts, we want to see the smile of their face, that shows us how happy they are or how it has improved their well being.
When viewed in this manner, affordable life insurance will give their families financial safety and security for years to come. Is this not then the greatest gift of all?
In the event of the unthinkable happening to a family and a parent passing away with no life insurance in effect, there will inevitably be financial burdens to face. Sadly one of the first large household expenditures to suffer is the education funds. Money thats has been saved for the college fund may no longer be there and due to loss of the income, the existing college fund may be accessed to pay for pressing bills and depts.
Life Insurance taken out and provided as a gift can be used to cover education expenses and can be used as a gift to pay for others education. More and more seniors are now using senior life insurance to provide a nest egg to cover for grandchildren's education costs. A gift that really has no equal.
Families plan their futures out, they want to take their holidays and relax after the hard year at work. Watch the children grow up, complete their education and have families of their own. Pay for the daughters wedding or the sons honeymoon. Buy the first car or provide a deposit for the house.
Sadly these plans can all go by the wayside when there is a death in the family and main source of income is no longer there to provide for the future happiness of the family. In the 2014 LIMRA insurance barometer study, one third of Americans said they would feel the financial pressure, within one month of the loss of the primary wage earner. By ensuring there is sufficient life insurance enables the family time to grieve properly and not have to start cutting budgets and worrying about the ongoing payment of bills.
One of the concerns people have about taking out life insurance to be given as gift, is the medical aspect. These days it is possible to take out life insurance without the need for a medical exam, just answer a few health based questions. These must be answered honestly by the person to be insured.
For people who are worried about an existing medical condition there is the option of guaranteed life insurance. These types of plans are expensive and the amount of life insurance that you can obtain is limited. However it does allow the policy to be provided on the basis of a few medical questions, with no contact to your doctor.
Of course if the person that is going to be insured is happy to undertake a medical exam, the premiums will be lower as the insurance companies risk is known to them.
To see just how affordable it can be to give life insurance as a gift can be, enter your zip code below.
It is very important that you obtain at least three different term life insurance quotes to make sure you obtain the best value for money. You should check the benefits and costs of each quote to make sure they match what you are looking for. What ever policy you consider to be most appropriate ensure that its is affordable and within the budget you have set aside for its purchase. Remember that the life insurance policy is only in force whilst the premiums are paid. It is worth checking if the company will accept annual payments as this will reduce the cost even further.