Life Insurance is not something I have ever truly thought about – especially with bills, rent, putting food on the table and taking care of the kids. It never occurred to me that those key factors and having life insurance actually go hand in hand. However, after recently being diagnosed with cancer, my mind has switched gears and now the idea of having life insurance is something I’m thinking about more and more.
Why is Life Insurance Important?
After my sister-in-law recently passed away, leaving her three-week-old daughter and three-year-old son behind, I watched as my brother struggled and not just emotionally, but financially. He had to figure out a way to pay for funeral expenses, bills, do the day-to-day banking, and take care of his kids and the expenses that go along with daily life. The stress alone was so overwhelming. After it got me thinking about what my husband and our boys would do if ever something happened to me. How would they deal with things financially?
Having Life Insurance is something you always talk about but never do. It’s important to not leave your loved ones without a financial cushion to help ease their grief during such a difficult time.
Being a TD Bank customer since I was fifteen, we did some research on the benefits of having term life coverage to help educate ourselves and break down the affordability of having term life insurance.
I like the idea of having term life insurance, as it’s the most affordable type of insurance (you can be insured for as little as $1 per day) and it is designed to meet temporary needs by providing protection for a specific period of time (the “term”). Although it only pays the benefit if something happens during that term, this type of insurance provides the most peace of mind. For example you may only need insurance until your kids graduate or a debt is paid off.
Our TD Insurance advisor told us first off she was not making any commission by helping answer our questions. I love that! It means she is working to find the most affordable type of insurance to fit our budget because she wants to, not because she’s being paid to. Then she went over key factors for why having Life Insurance is Important, some I never even thought of before:
What Can Life Insurance Do?
- Pay for funeral expenses
- Pay bills and meet ongoing living expenses
- Pay off credit cards or mortgage, remove outstanding debt.
- Keep a family business going.
- Protect retirement plan.
- Help with your children’s education.
Did you know that there is no tax on life insurance benefits?
After talking with the TD Insurance rep, I became very emotional. I looked at my husband and I told him I never realized how selfish I was being for not looking into getting life insurance for us. What if something happens? How would my husband survive?
Right now for us we rely on two incomes to take care of our day-to-day living. Pensions and benefits for survivors don’t provide enough to help pay for expenses, bills, debt and other living expenses which crop up if something were to happen, which is why life insurance is so very important.
Corey and I felt so much better after talking about getting term life insurance. It’s easy through TD Insurance. You can complete your applicationwhile in your pajamas having your morning coffee. Or you can call TD Insurance to complete a free life insurance needs analysis at 1-888-756-5666 – and if you do so by November 13, you can be entered to win one of 300 Fitbit FlexTM activity trackers!.
This post was brought to you by TD Insurance but the opinions are my own. For more information, please visit www.tdinsurance.com/termlife .