It’s time for your life insurance checkup!
September is National Life Insurance Awareness Month, so it’s a great time to review your coverage.
If you don’t have 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 differ? And how do you find out which type of coverage is right for you?
They way to find out is to look at where you are in life, so that you can assess your current insurance needs. Have you reviewed your insurance lately? Don’t think you need life insurance? If so, consider the following potential factors that may make it a good idea:
- 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 join financial obligations, such as a personal loan for which another person could be legally responsible for after your death
In any of these circumstances, you may require life insurance, and changes in your life may demand an update in your current coverage.
The affordability of life insurance may surprise you. Many people think it is expensive, yet so often, it is not.
If you’re still unsure about purchasing life insurance, or if you suspect that your current coverage needs reviewing/updating, contact our office for help choosing a policy that works best for you and your family!