According to a recent statistics, the average American family has less than $4,000 in savings and 25 percent of families have no savings at all. Burdened with debt and still recovering from the recession, many families are ill prepared to take on the financial and emotional burden that accompanies the loss of a loved one, especially when that loved one is the sole or primary provider for the family. That is where the right life insurance policy comes in.
While life insurance is often regarded as a coverage for the wealthy, studies show that families without extensive savings and assets can benefit the most from securing the right life insurance policies. While this finding may seem counterintuitive at first, understanding the purpose of life insurance yields more clarity. Life insurance is primarily intended to help individuals continue to provide for their families upon their passing. As such, individuals with more savings and accessible assets will likely need less insurance to provide the resources needed to assist their families through the aftermath of a family tragedy. While families with smaller savings and fewer assets will likely face more financial challenges and complications due to the death of a household income provider.
There are two main ways to approach life insurance. Some policies offer protection-centric coverage and operate similar to typical personal insurance policies, while other policies incorporate various revenue generating components through investment options. Choosing a policy is highly dependent on your needs and financial situation.
Securing the right Connecticut life insurance policy to meet you and your family’s needs is a very personal and complex process. It is important to finding an insurance provider in the Constitution State area that will work with you to assess your goals and expectations for the future and craft a policy that will best fit your family’s needs.
At Byrnes Agency, we understand that while life insurance can be a sensitive subject protecting your family is of the utmost importance. Our CT life insurance specialists will take the time to sit down with you and your family to craft life insurance strategy that will fit your needs now and in the many years to come. Individual life insurance is just one of the many insurance solutions we offer designed with Connecticutians in mind. Contact our CT life insurance specialists a call today for more information about any of our offerings.