By Orrie Augsburger
Adviser Assistant at
Faith Investment Services
Bluffton, 419-358-4207

Purchasing Life Insurance is not the most exciting product to buy. Some people argue that it is not a worthwhile investment. Plus, it is not easy or ‘comfortable’ discussing the “what if” scenarios that coincide with the need for life insurance.

Nonetheless, life insurance is crucial for many people; the amount needed varies and depends on your unique situation. Continually putting off the decision or not buying any life insurance could put your loved ones in an economic strain for years.

If you are married, single, a guardian, or a dependent there is a need for life insurance. If you live and breathe and will someday die, you most likely need life insurance. How much you need depends on variables such as financial status and relationship status.

There will never be a replacement for you when you inevitably pass on. However, there is a monetary value that does need to be replaced to offset the costs of you not being around anymore.

First off, everyone who dies leaves final costs to cover. Funeral arrangements and expenses are not usually built into one’s budget; especially for those who pass on unexpectedly.

Life insurance can help cover these types of unexpected costs. Those who are leaving loved ones behind that depend on them for care and/or financial support should have a life insurance policy.

For example, a young family man or woman dies before ‘planned’; a scenario that happens too often. The people left behind must cope with the loss and find a way to replace the flow of lost income and cost of care services that were once tasked by the member who passed away.

Income replacement is one of the major reasons to have a life policy. Knowing how much to have is based on your financial situation and the needs of your family left behind.

Discovering how much coverage you should have and what fits in your budget takes planning. Meeting with a financial professional may be in your best interest to assist in the planning process.

Ask yourself, financially, could my family afford me not being around?