The Cost of Skipping Out on Life Insurance
General Articles Life

The Cost of Skipping Out on Life Insurance

  • August 23, 2018

Going Without Life Insurance? It Could End Up Costing You.

Life insurance is an insurance policy that almost everyone needs but not everyone has. Although many people think that life insurance in Thousand Oaks, CA comes at a huge expense, the reality is that it can be affordable for everyone. On the other hand, not having a life insurance policy could come at a much higher price tag.

 Short-Term Impact

Life insurance is designed to be a financial safety net, both immediately following the policyholder’s death and later on down the road. One issue that might pop up right away is funeral costs. Believe it or not, but an average funeral can run to several thousand dollars, even for the most basic and minimal burial. A life insurance policy can ease the burden of having to cover this expense.

Along with funeral expenses, surviving loved ones may also need to pay day-to-day bills and lenders may require the family to pay off the deceased’s loans immediately. Without life insurance, your loved ones may have to dig into savings or sell assets to stay afloat.

Long-Term Cost

Even if you have savings aside for funeral expenses and remaining debt, life insurance can help with long-term financial goals that savings cannot. For example, not having life insurance may affect your child’s ability to go to college. Within the next 14 years, the average annual tuition cost at colleges and universities are expected to be in the region of $40,000 and $90,000. Life insurance can ensure that your kids don’t get buried in student debt.

Get set up with the right life insurance coverage for your needs by contacting the industry experts at Falsken & Associates Insurance Agency, serving Thousand Oaks, Westlake Village, and neighboring communities.