How life insurance can provide financial security during uncertain times
Financial issues and inflation worries can contribute to stress, and those worries can spread into other areas of life. But there are some ways to feel more secure, even during difficult times. Growing inflation can create a lot of uncertainty and it may be around for a while. Here's a few ways to help lower your anxiety and feel more financially secure.
Life Insurance Can Benefit You During Inflation
One way to feel more secure during inflation is through having whole or term life insurance. All types of insurance offer protection, but life insurance is an incredibly important benefit that can help protect your family in the event of a death. If your family relies on you for support, what would happen to them if you passed away? Life insurance is a means of taking personal responsibility to establish financial security for your family, to help provide you with peace of mind knowing that you have helped provide for them.1
Prices Are Still Going Up
Inflation is causing prices to rise, and sometimes it looks like there's no end in sight. Even though prices will likely come back down eventually, it could be a while. It's also possible they'll never completely return to their pre-inflation levels. But when you have a life insurance policy, this may help your family meet their needs if something were to happen to you.
Keeping Benefits is Important
Especially during times of inflation and rising prices, it's very important to keep your benefits. Health insurance and life insurance are important as these policies may help protect you and your family from losing everything you've worked so hard for.
If you have health insurance and you happen to become ill or get injured, you may not have to spend as much on out-of-pocket expenses. If you should pass away, perhaps your life insurance will allow your family to keep their standard of living because you prepared, which can increase your sense of security.
Have the Difficult Conversations
Having difficult conversations about things like life insurance isn't easy or fun but it’s beneficial. Talking to your loved ones about the amount of coverage you have, whether you need a larger policy to protect them, and how to handle financial issues in the event of your death are extremely significant issues to address while you are still alive.
And once you have a policy, sit down with your loved ones and show them how your policy could protect them. Make sure they know what policies you have, who is listed as beneficiaries and how to receive the benefits if you pass away.
The more they know, the more secure they'll feel, and the less you'll worry about their financial security for the future. That makes it much easier for all of you to enjoy the time you have together, even when times are uncertain.
This blog is up to date as of July 2022 and has not been updated for changes in the law, administration or current events.