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What To Know: Life Insurance

What is it?

When a family loses a loved one, loss takes many forms. Emotionally, those left behind struggle with the grieving process and the weight of going forward without that cherished person in their lives. Your day-to-day may now look drastically different with the routine activities needing to be taken on by others. Financially, there may be remaining medical expenses, funeral costs, or ensuring that monthly expenses get make to keep a sense of normalcy in a time of loss. Life insurance is an option to protect those who remain by providing resources to transition into the new normal. 


How does it work?

When looking into life insurance and choosing the right options for you and your loved ones, we need to first look at who we need to insure and what the resources the family would need in their absence. When considering who, the options are many: parents, grandparents, spouse, children, yourself. Each of these loved ones leaves a different legacy and makes a different impact on the family. Once determined who should be insured, the next step is to look at how much support would be needed when they’re gone. 

To determine the amount of monetary support there are two main approaches to consider: human-life and needs-based. A simplified way to describe human-life approach is to select a policy amount that would replace the deceased’s income and benefits for a period of time that would be needed to support the family. Needs-based approach suggests an amount of coverage that would meet end-of-life costs, eliminate outstanding debt, and account for future major expenses. 


Why would you need this?

Life can change quickly and unexpectedly. Be it for yourself or those left behind if you were to pass, the last thing most of us want to be focused on in that moment is how is the mortgage going to get paid. How can I get the kids to school each day or pay for childcare? Will my family be able to cover my medical and burial costs? After the loss of a loved one, those left behind should have their emotional wellbeing and recovery at the forefront; life insurance provides the logistical and financial peace of mind to make that possible. 

I was introduced to FED Benefits Center in 2018 when Mike Crane visited my place of employment.  Mike was knowledgeable and guided me through the process of obtaining various insurance policies designed to protect me and my family.  Mike invested a good deal of time and patiently answered my many questions.  Recently, I contacted Mike and together we reviewed my existing coverage, made some coverage upgrades and added some new policies as well.  I trust Mike Crane and the professionals at FED Benefits Center.  Whether you are making an initial insurance investment or have had insurance coverage for years, their transparency and advocacy are unmatched!  


Tracy C., IL

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