How Does Smoky Mountain Life Insurance Work

How Does Smoky Mountain Life Insurance Work? How life insurance works is pretty simple. You buy a life insurance policy and name a beneficiary to receive the death benefit. If the policy is active when you pass away, your beneficiary will receive that death benefit. As Denise Elliott, State Farm agent in Durango, Colorado, describes it, “It’s like having someone who will take care of your family financially if you couldn’t, due to an untimely death.” It can be a great comfort knowing if something happened to you, your family can stay in their home, stay in the same schools, and keep living the life you’ve dreamed for them.

And while most people buy life insurance because they want to protect their family, it also offers a lot of benefits for small business owners and can even be a way to leave money to a favorite charity. If you have a business to protect or an organization you’re passionate about, an agent can help you understand your life insurance options.

Agents also get a lot of questions about the cost of life insurance, and it can be helpful to look at cost in two different ways – the cost of having it, and the cost of not having it.

• The cost of having it  — The cost of life insurance varies, based on factors like the type of life insurance you purchase, the amount of life insurance coverage you want, your health, and your age. The younger you are, the more affordable it typically is. As Quach explains, “I always tell people when you buy life insurance, today is the least expensive day you can purchase it.” That doesn’t mean it becomes unaffordable as time goes on though, and most people think life insurance is more expensive than it actually is. Sitting down with an agent to talk through your budget and your goals can help you find the protection that makes the most sense for you.

• The cost of not having it  — This is even more important to consider. Take a moment and think about what you provide for your family now. Do you provide income they need for the mortgage and other expenses? Do you contribute to their future savings? Do you help with child care? Cooking? Shopping? Home maintenance? Now imagine if you weren’t here. What would your family’s life be like without you in it? How would they be affected financially? What would the cost to their future be without life insurance? That’s the cost of not having it.