Reasons to Protect Your Loved Ones with Life Insurance
Life Insurance Awareness Month
Life Insurance Awareness Month is in full swing. No one really wants to think about Life Insurance, but if someone depends on you financially, it’s a topic you can’t avoid. This is the time to review your life insurance situation.
What will your family do if the primary wage earner passes away? What assets are you willing to give up to make ends meet? These are questions that many people don’t think about until it is too late.
Life Insurance Can Help
1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA
In the event of a tragedy, life insurance proceeds can…
- Help pay the bills and meet ongoing living expenses
- Pay off outstanding debt, including credit cards and the mortgage
- Continue a family business
- Finance future needs like your children’s education
- Protect a spouse’s retirement plans
Getting Life Insurance doesn’t have to be hard (or boring). The importance of life insurance is helping them get the coverage they need. There are many types of life insurance but for all of them, the bottom line is the same, they pay your family after you die, allowing loved ones to remain financially secure.
And, many people haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
Do You Have Enough Life Insurance ?
Life insurance is something that no one likes to talk about; however 86% of Americans believe that life insurance is something most people need. So, how do you determine how much life insurance you will need?
Doing The Math
To start, estimate what your family members would need after you’ve gone to meet immediate (i.e. funeral), ongoing (i.e. rent or mortgage, other everyday bills), and future financial obligations (i.e. college and retirement).
Add up the resources your surviving family members could draw upon to support themselves (i.e. savings, spouse’s pension etc.). The difference between the two is the amount you would need in life insurance.
For health insurance, I try to get a full picture of your health history to understand what services will be used to determine which plan/carrier is best. I review rates annually. Although you may not hear from me, I am reviewing your package each year to make sure you are STILL receiving the best coverage for your needs.
I can help you understand the differences between Life Insurance and what is the right coverage for you. Please contact me to find out more at 708.444.0050 or firstname.lastname@example.org.