It’s Time For Your Life Insurance Checkup

September is National Life Insurance Awareness Month, so i’s a great time to review your coverage.*

If you don’t have any life insurance, you’re not alone. Life insurance is one of those “someday” things for many people – but the cheapest time to buy it is probably today.

There are two kinds of life insurance: term and permanent. Additionally, there are three kinds of permanent life insurance: whole, universal, and variable.

How do these forms of life insurance differ, and how do you find out which type of coverage is right for you? Ask us!

The key to determining whether you might need insurance is to look at where you are in life, and consider the following potential factors of people you want to protect:

*You have a spouse or partner
*You have children
*You have an aging parent or disabled relative who depends on you for support
*Your household depends heavily on your income
*Your retirement savings or pension won’t be enough for your spouse or partner to live on should you pass away
*You own a business, either solely or with partners
*You have a substantial joint financial obligation, such as a personal loan for which another person could be legally responsible after your death

In any of these circumstances, you may require life insurance. If you have coverage, changes in your life may demand an update. When was the last time you reviewed it?

The affordability of life insurance may surprise you. Many people think it is expensive, and so often, it is not. The non-profit insurance education group Life Happens recently conducted a study about this and found that people think life insurance costs three times as much as it actually does. The reality: a 20-year term life policy with $500,000 in death benefits can cost you less than $50 a month.** ***

Life insurance is intended to help your loved ones financially after you die. The proceeds from a life insurance policy may help your spouse, partner, or family members manage finances if they have to adjust to life without your income. The death benefit may also be used to meet funeral costs and other final expenses, which may run into the tens of thousands of dollars.

Are you still unsure about buying life insurance, or do you suspect that your current insurance coverage needs to be updated? Please contact us, and we will be happy to assist you in evaluating all the factors and help you choose an appropriate policy.



* Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

**, 2021

***, 2021