Is getting life insurance worth it when you’re already in debt?

How Wyshbox will support customers as they achieve financial freedom. 

Debt. Those four letters can cause a big amount of stress. It’s understandable, since owing money can be overwhelming, as bills and due dates continue to accumulate. But what would happen if you’d suddenly pass away having long-term debt under your name? While some debt does die with the deceased, the scary reality is that lenders may switch from calling your phone to calling your spouse (or someone else in your family). Also, even if there’s no debt attached to certain assets, your loved ones will need to keep up with payments to be able to continue driving your car or living in your house. 

So is there a way to protect them from having to deal with debt collectors and mounting bills? The short answer is yes; you can protect them by getting a life insurance policy. While the last thing you might want to do is add another bill to your rotation, having coverage can help ease the worry of your loved ones possibly inheriting your debt. 

Wyshbox is life insurance re-imagined that puts customers first and understands everyone’s unique needs, including dealing with debt. Read on to learn how we support our members.

Use our free Wysh Builder to get the exact coverage you need

How is debt a part of life and how can Wyshbox help?

While we don’t want to scare you with statistics, we still want to keep it real. According to recent reports, Americans are drowning in debt. The average person has over $90,000 in debt with costs that include mortgage payments, loans, and credit card bills. The covid-19 pandemic has also increased the national debt, to a whopping $14.6 trillion. There are a lot of zeros in that number.

If you find yourself nervously shuffling while reading those stats, we urge you to take a deep breath. Wyshbox recognizes that insurance and debt are inextricably linked, in a good way!

Wyshbox is here with solutions to help you manage debt, while not having to sacrifice purchasing life insurance. Our digital tools personalize the coverage you need, while also supporting you on your path to financial health. Let’s take a deep dive into these features.

Graph talking to four features Wyshbox offers.

Wysh Builder

What kind of life insurance is best for you? Everyone has their own unique needs and goals and now you can take control of how you build them with Wyshes. You may be asking what Wyshes are. Well, they are the financial dreams and goals that you’d like to fulfill if you were to die prematurely — whether it be paying down debt, making sure outstanding bills are covered, or leaving a legacy for yourself.

Once you decide what your ideal Wyshes are, you can then calculate the right amount of coverage. This could mean your loved ones won’t inherit any debt and you can tailor your policy to fit your life.

Wysh Tracker

This feature is really cool because you are able to see if your Wyshes and your coverage are in sync. You can link your bank account to one of your Wyshes, and as you lower your debt, you can lower the amount of coverage you need for that particular Wysh.

For example, if you have a mortgage that’s $200,000 you’ll obviously have a policy that will cover that amount. If, over time, your mortgage decreases to say, $110,000, Wysh Tracker will automatically see that your coverage needs for this Wysh has changed. So you can choose to either reallocate the remaining funds to another Wysh or lower your premium altogether.

Pay (Less) As You Go

As your life changes, you might not need as much coverage. If you turn on Pay (Less) As You Go, it will automatically detect if you’re over insured on your total coverage. If that’s the case, it will lower your premium amount and will also decrease your monthly cost (saving you money). Cha-ching!

Wysh Granters

Even though we are proud of being a super-techie company, we know many customers just want to talk to a human when they need certain answers or just basic support. Wysh Granters are our savvy customer service reps that are here to help you and your loved ones. If you pass away, they will work with your family and discuss what their needs are, especially if there’s debt to be handled. They will also connect with your lenders to understand what costs are pending. And, of course, they will guide your beneficiary through the claims process to make sure all goes smoothly.

Debt doesn’t have to be a deal breaker

We know debt can be an overwhelming factor of life. Wyshbox offers amazing features, along with flexible coverage, that will protect your loved ones and aid you on your journey to a debt-free life.

The Wyshbox Blog

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