Category Archives: The Insurance Word Blog

I Have Life Insurance Through My Employer. Why Do I Need Another Policy?

Life insurance should first and foremost fit the purpose—it should meet your needs. And the primary purpose of life insurance is to care for those left behind in the event of your death. With group life insurance, it’s often set at one or two times your annual salary, or a default amount such as $25,000 or $50,000. While this sounds like a lot of money, just think of how long that would last your loved ones. What would they do once that ran out?

baby boy

Juvenile Life Insurance: The Whys and Hows

For some, the topic of juvenile life insurance evokes confusion and perhaps even fear. After all, why would one want to insure a perfectly healthy child? Thankfully, the loss of a child is extremely rare. So while a juvenile life insurance policy does indeed insure against this very slim risk, some types of coverage are also designed to protect your child’s financial future—in a way no other financial product can.

Ferraro 3

Our Time of Greatest Need

For a long time I didn’t understand the finality of death. I remember telling my sisters that I wanted to see my mom. They explained that she was in a better place now, but I didn’t understand what that really meant. I thought she had gone away or was hiding from me.

During that difficult time—when your only anchor is your family—mine was being pulled apart by financial hardship. My mother didn’t have life insurance, which meant my dad, who was 73 at the time, ended up working more than 50 hours a week. And my sisters, who were in high school, had to find work to help put food on the table. We hardly saw each other, which made things even worse.

When Life Hands You Lemons …

No one can put a value on a mother. Yet, if only my family’s financial plans had included the key ingredient of life insurance for my mother, my family’s financial position and my current academic path would now be more secure. Benefits from such coverage would have provided for the payment of her funeral service, the cost of my supervision and care over the years, my college tuition and kept us in our house.

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