John Kim, a seasoned financial professional, founded Syncis with a like-minded partner because he noticed a void in financial services available to middle-income families. People like Syncis’ John Kim are part of the reason why more and more families are learning about life insurance.
Though more people are becoming educated on life insurance, it’s still a largely misunderstood topic. It is an excellent way of providing a measure of financial security for your family. But even those putting aside part of their paycheck in life insurance every month often do not understand what exactly they’re purchasing, and why. Though there’s much more that you can learn from speaking with a financial professional, below is a collection of useful life insurance facts to boost your knowledge base:
The Premium Isn’t the Only Variable – Though you’ll often hear about finding a good premium – or monthly rate – it isn’t the only thing you should focus on. Every insurance policy comes with a list of considerations, and you should consider each one so that you can grasp the big picture. When John Kim founded Syncis, he had no way of knowing that it would become one of the fastest growing organizations in its field, but as more people learn, the demand for knowledge and financial services continues to grow.
Life Insurance is Affordable – Too many people think that they cannot afford the cost of term life insurance. As a matter of fact, according to one study, as many as eighty percent of those who were asked had misjudged how much it might cost them. The truth is that life insurance is very affordable for many people, depending on the kind of coverage they are interested in. There are policies tailored to most budgets, and if somewhere down the road you decide it is no longer enough, you can purchase additional coverage.
You Always Need Life Insurance – Many parents mistakenly believe that once their children are grown and out on their own in the world, they no longer need to have life insurance. The reality is that life insurance can help you at many different stages of your life. The benefits of having life insurance later in life include helping to pay for final costs, paying estate taxes that your heirs might otherwise have to pay, or even leaving your children with an inheritance.
As John Kim of Syncis knows, some people also think that if they have enough money in savings, they don’t need life insurance. Savings and good investments might provide you with enough money through your retirement years, but according to the National Funeral Directors Association, the average cost of a funeral with a burial is more than seven thousand dollars. Without life insurance, your loved ones may be forced to bear this burden. Syncis associates are there to help families prepare for the future with proper financial protection.