September is Life Insurance Awareness Month. At this time last year, a woman I went to high school with lost her battle with brain cancer. A few years ago, a friend who was several years younger than me died in a car accident. This week, an 89-year old member of our church lost her life to COVID-19.
The simple reality is that we will all die. There is no escape. And it is never at a “good time.” Whether you are 16 or 109, for those left behind, it is always too soon.
I’ve talked to some clients who don’t want to buy term or permanent insurance because they think it will “tempt fate.” Let me assure you, the purchase of a policy will in no way increase your odds of dying.
However, buying life insurance can:
- Allow a surviving spouse to maintain some level of “normalcy” by replacing income
- Pay off a mortgage, allowing a family to stay in their home
- Fund children’s education
- Allow a business to continue operating
Don’t be a statistic
According to LIMRA, almost 3/4 of American families have no life insurance outside of work. And half who are covered are underinsured.
But no statistic matters when we’re thinking about you or your loved ones. Please let me implore you. Don’t allow your family to be reduced to a statistic. Especially when I can help you protect your family at every budget.
The first step is to determine how much coverage you need. Check out a great calculator at Life Happens. I typically recommend 10-15 times your annual salary.
Next, we can determine the most efficient way to provide the amount of coverage. Often, clients purchase a combination of term insurance (which is cheaper to purchase) and permanent (which builds cash value). This allows you to cover major financial obligations, like a mortgage or funding children’s education for a specific period of time. It also allows you to cover final expenses, no matter what age you pass away.
Please don’t less September pass without scheduling a time to review your life insurance needs.
