Benefits of Having Life Insurance

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Nobody likes thinking about when they’re going to kick the bucket. Until cryopreservation becomes a reality, however, death is an inevitable fact of life. Perhaps it is this reluctance to think about dying that prevents many people from buying life insurance. In fact, a study conducted by LIMRA shows that only 60% of Americans have life insurance, leaving 40% of the country’s population unsure about life insurance and why it’s needed. This begs the question, who needs life insurance?

It’s Not About You

Most insurance is geared towards protecting the policy-holder. Car insurance protects you when you have a car accident. Health insurance saves you from huge medical bills. There’s even insurance for electronics and cell phones, in the event you drop your phone and shatter the screen. Life insurance is different–for the most part, you do not benefit from having life insurance. Instead, it’s the loved ones you leave behind that need financial protection, and they are the true beneficiaries. Here are 4 benefits of having life insurance.

Covering Funeral and Burial Expenses

It makes sense to have life insurance to benefit your dependants, but what if you’re single? While you may not have mouths to feed beside your own, you’ll still leave behind parents, loved ones, and friends when you die. Chances are good you’ll have funeral and burial costs, and rather than leaving this behind as a burden, life insurance can cover the necessary expenses.

Paying Off Debt

It’s likely that you’ve incurred some debt during your lifetime. In fact, the total average debt for Americans age 35 and under is a whopping $67,400! And while it would be nice for that debt to disappear when you pass away, it doesn’t. One benefit of life insurance is shielding loved ones from unpaid debt.

Caring for Spouses

There are over 60 million married couples in US, which means a fair number of adults who pass away are survived by a spouse who suddenly becomes solely responsible for the financial situation of the household. The standard suggestion is to buy a life insurance policy that amounts to 7 to 10 times your current income. This number applies to both spouses, even if one does not work. In the event that the stay-at-home mother or father passes away, the value of the childcare and other tasks they completed will still need to be covered. On the other hand, if it is the non-working spouse who is living, having the benefit of the life insurance policy allows them time to grieve, stay home with young children, or buy some time for them to locate employment.

Providing for Children

It may seem obvious that children are one of the main reasons for obtaining life insurance, as they are dependant on their parents. Some financial gurus have suggested adding an additional $100,000 per child to the standard 10 times the income amount. Looking forward to the future, this provides children with a secure amount of savings for college.

It’s About Them

Life insurance is really a misnomer–it really could be called death insurance. It doesn’t ensure that you continue living. Rather, in the inevitable event of your passing, it ensures that your loved ones are cared for, and that an already difficult time is eased as much as possible. Whether you’re looking out for parents, spouses, or children, nearly everyone can benefit from having life insurance.


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Flooded Basement? How To Start The Cleanup

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A flooded basement is one of the most frustrating problems a homeowner can discover.

Luckily most flooded basements aren’t incredibly dangerous or irreversibly destructive. But that doesn’t mean they can’t be expensive and heartbreaking. They’re also very common.

Young children turn on the hose for a water fight and leave it draining into a window well. A pipe bursts or is damaged by construction or other factors. Heavy rains, flash floods, burst dams, and other outside water can find itself pouring into your basement.

It can happen almost anywhere, to anyone.

The steps you take to clean up a flooded basement are particularly important because they can minimize the damage, preserve your possessions, and help you to stay safe throughout the process. Take a minute to read up on the steps of flooded basement cleanup so you’ll be ready in case it ever happens to you.

How to Start Cleanup on a Flooded Basement

  1. Safety Check. First and foremost you need to be sure that there isn’t a risk of electric shock, gas leak, structural damages, or raw sewage in your home. If it appears to be a burst pipe or outside water then you’re probably safe to enter. In the event of an earthquake or something that would threaten structural damage, you may need clearance to enter. Wear thick boots, gloves, eyewear, and breathing masks.
  2. Pump Out. For small floods, you can use a wet/dry vacuum, but for more than a couple inches of water, you’ll need a heavy duty submersible pump. You can hire a company to do this or rent one from a construction or home improvement facility. Drain the water into an outside drain, watching carefully that the water level doesn’t rise and looking for any cracks.
  3. Trash. Some items will likely be damaged beyond repair, such as paper or small wood items, cardboard boxes, electronics, etc. These can be removed immediately. If sewage caused the backup then nearly everything will have to go due to bacterial risks.
  4. Remove Dirt. Using a shovel, scrape and haul out any dirt and debris by depositing into buckets and dumping outside. Rinse with water to loosen dirt, as it will be much easier to get out wet than dry. Rinse everything thoroughly.
  5. Sanitize. Using chlorine bleach, scrub every area of your flooded basement to prevent contamination and future mold. Bring in fans to dry once you have sanitized all surfaces and objects, and be sure that all moisture has evaporated. Follow up days and weeks later with more bleach mixture to ensure no moisture is left to create mold and decay.

Does your home insurance cover you in the event of a flooded basement? Check your insurance policy today and call Bear River Insurance for supplemental, affordable coverage.


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