Why should you purchase MA life insurance or MA final expense when covered by your employer?
Many people are not worried about purchasing MA life insurance because they are covered through their employer. Unfortunately, during these economic conditions many people are retiring or getting laid off from work. They have found that they no longer have this employer life insurance plan. In many cases their life insurance is not portable so they find that they do not have any life insurance at all to protect their families.
People who have families should strongly consider purchasing term life insurance to protect their families. In order to figure out how much life insurance should be purchased a family should consider how much debt they have such as mortgage, car payments, credit cards, personal loans, and other miscellaneous debts that they may have. A family should also factor in living expenses and how much would be needed if they were to pass away. Children’s education and how much it will cost should also be included and make sure that there is room for inflation. Factor in retirement funds, savings, and other cash that is available to cover all of these expense. Whatever the difference is should be covered through life insurance.
Many seniors who are retiring will find that they do not have life insurance through their employers. Social security will only pay around 5 towards a funeral. It is important to purchase final expense life insurance to cover the average cost of a funeral which is ,500 and to pay for outstanding final expenses at the time of death. When you add both the funeral cost and the outstanding final expense this should give you an estimate of how much insurance that you should purchase.