McCay & Associates

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Life insurance is extremely important for everyone. It is a grisly truth, but it costs money to bury and to take care of surviving family members. Naturally, we are afraid to think of these things, but it is important to be sure the people we love are covered in the event of our death.

If you do NOT have any life insurance or you do not have significant coverage, McCay and Associates strongly recommends to look into it immediately. Do not let your family go another day without protection from hardship. Also, be sure that current coverage will last no matter how long you live.

The averge cost of a funeral is between $8,000.00 and $12,000.00. Factors to consider would be the cost of a obituary, casket or urn, memorial service, burial plot, headstone, death certificates, and floral arrangements.

Once you consider how much your actual funeral will cost you need to ask yourself a series of questions. How much do I make now? What are my expenses? How much does my family need if I pass away? Do I have enough set aside for a college fund for my kids? What debts do I have and how will they be paid if I die? What coverage do I already have?

Once you access how much these cost could add then you should be able to come up with an idea of how much coverage your family would need in the case of your death.

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Term insurance offers coverage for a certain period of time. After that time is up, that coverage goes away if it has not been converted to a permanent policy. At that point the cost of the term insurance will rise, usually astronomically.

Universal Life is often refered to as UL for short. UL is a type of life insurance that grows cash value over time. The advantage of a UL policy is flexibility in premium and adjustable death benefit.

Whole Life Insurance is designed to pay a benefit to the beneficiary on the death of the insured. The death benefit for Whole life policy is a fixed amount. Whole life insurance builds cash value over time.

Final Expense is generally used as a burial fund. The average cost of a funeral in 2012 exceed $8,000.00. This form of life insurance is used to pay for a basic funeral service, memorial service, death certificates for the deceased, and a casket or urn for remains.

Call to schedule your appointment for a consultation today!