Although life insurance is a policy many hope they never have to use, says State Farm Insurance Agent Melanie Bakala, a policy can provide financial peace of mind. Still, many common misconceptions about life insurance persist. She serves Shelton, Olympia, Lacey, and Tumwater residents for all their insurance needs.
If a person passes away, a life insurance policy can help surviving loved ones fund vital expenses related to mortgage payments, funeral costs, utilities, children’s school tuition and more, while also allowing time to settle final affairs and grieve without an additional financial burden.
“I think we underestimate the value of time,” says Bakala. “Time to breathe, time to just do what you need to do.”
Common Misconceptions About Life Insurance
Perhaps the most common misconception of life insurance is that it is too expensive for the average person. Different considerations play into the cost of a life insurance premium, but Bakala says life insurance can be very affordable.
“My goal with people is to make sure they get into something that’s going to make a difference for their family and that’s sustainable in their budget,” explains Bakala.
Others may worry about potential paperwork hassles and the complexities of gathering quotes for a life insurance policy. Bakala encourages those curious about life insurance to speak with an agent who can help them identify their life insurance needs and what options are available.
“Too complicated? It’s really not,” says Bakala. “And honestly, that’s why working with an agent really makes sense because we can help walk people through and really give them the information so they can make an informed decision.”
Some may also assume a life insurance policy isn’t necessary. Bakala says for many, their power to generate income is their greatest asset, and a life insurance policy can provide financial support to surviving spouses, so they don’t need to draw from other resources that may be needed down the line, like retirement or savings accounts.
In addition, some employers may offer life insurance benefits, but Bakala says payout amounts from these types of policies can be relatively low. Bakala encourages people with these policies to ensure the payout would be enough for surviving family members to settle final affairs and cover necessary expenses for their family. And if the amount is too low, to consider additional coverage with their own personal policy.
To contact Melanie Bakala and associates for a quote, questions or to learn more about life insurance, visit the Melanie Bakala State Farm website or call 360.426.2428 (Shelton) or 360.972.7905 (Lacey).
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