Why Even the Young Should Have Life Insurance

When I was born, my father bought a life insurance policy on me. He said it was “cheap” so I don’t know how much he paid but I do know it was worth it. When my brother came along about a year later, another policy was bought. With all the costs of a newborn, sometimes life insurance does not seem like a worthy investment. Things like cribs, safety latches, and bottles are top priority. Parents are sure that life insurance for their kids can wait.

Kelsey Logan, her Father Joe Wegner, and her brother Ben Wegner.

Skip ahead a decade and you would find my parents and I at a doctor’s office two hours from home. After years of tests determining that I do not have asthma, allergies, or any other common aliment, my inexplicable coughing still doesn’t seem to want to stop.

Finally, the test comes back and the doctor tells my parents that I have Cystic Fibrosis, a genetic lung disease, and while it’s not curable (yet), there are many ways to treat the symptoms. They also insisted on having my brother, an extremely healthy boy, tested as well. Bad news turned worse when he was diagnosed as well.

Now, I’m as healthy as I can be. I finished college, found a fabulous job, and got married (all within a year, might I add). Yet, because Cystic Fibrosis is a terminal disease neither my brother nor I will never be able to get life insurance on my own. Understandably, it affects our insurability. How lucky are we that my dad thought to buy convertible life insurance policies for us at birth?

Some people think it’s a waste of money to buy a policy for children or young adults. But, as my dad found out, it’s better to be safe than sorry.

Do you have a life insurance story to share? Comment below!

What life insurance plan is right for you?

As mentioned in last week’s post, September is Life Insurance Awareness month. What better time to explore the different options you have in life insurance? Life insurance can sometimes be confusing, below is a simple chart to explain two types of life insurance.

One of the most important reasons for purchasing life insurance is to provide money for your family when
you die. But life insurance can offer other benefits beyond just a death benefit. Before purchasing life
insurance, carefully consider your options to determine which type of policy best fits your needs.

Term Life Insurance
Term Life Insurance is coverage that is in place for a certain time period – it is often referred to as “temporary coverage.” You can typically purchase coverage in periods of 5, 10, 15, 20, or 30 years. If you die before the end of the period, your beneficiaries will receive the death benefit. Term insurance does not typically have cash value. In most cases, term insurance can be purchased at more affordable rates than permanent coverage.

Permanent Life Insurance
Permanent Life Insurance offers protection for your entire life. There are several types of permanent insurance plans including Universal Life and Whole Life. Permanent insurance builds cash value on a tax-deferred basis. You can generally access your cash value in the form of a loan or withdrawal during your lifetime. Premiums can be a fixed amount and are generally greater than they would be for the same amount of term insurance.If you are interested in changing or getting a new policy, contact us! We can help find you an agent in your area to help you met your life insurance needs.

Agent locator: http://www.wflains.org/agentlocator.asp Or give us a call at the Home Office: 1-877-935-2467