People have a lot of insurance policies. The most important insurance policy you can own is life insurance. The most effective way to protect your family’s financial future is with life insurance.
But you probably know that already. Most people would not argue against it. From there it gets a little fuzzy for most of us.
According to the “Insure your love” study done by the non-profit Life Happens, only 55% of Americans have life insurance while almost 80% have auto insurance.
Life insurance is often given a lower priority than a car, home, and certainly health insurance.
- Maybe it’s because these other policies are required of us.
- Maybe we just don’t like to think about it. Death is not something anyone likes to contemplate.
What’s in it for you?
Of course, you know life insurance is not for you. So, it has to be purchased with the most unselfish of motives.
There are important questions to consider too.
- How much coverage do you need?
- What kind of life insurance policy best suits your need?
- Who will the beneficiary be?
I have life insurance through my employer. So, I’m good, right?
You may have life insurance with your employer. Some employers offer life insurance as a benefit to their employees. If you have life insurance through your job, that’s very good news!
Quick question: Has your employer guaranteed you will have a job with them for the rest of your life? Of course not.
Since employment is not guaranteed, most people should have an individual life insurance policy as their primary income protection plan.
Take a few minutes right now while you’re thinking about it to remember what your life insurance plan is.
I know it can be out of sight, out of mind. But your life insurance is a critical part of your overall insurance and financial plan. Think about WHY it’s important to you.
Now for a short, but easy, math problem.
Let’s say you have $500,000 of life insurance. Let’s imagine that this lump sum could be invested by your family and earn a 10% return every year, which would be $50,000.
Does that amount come close to replacing your current income? If so, you are in a good life insurance position.
If not, you should consider supplementing your current plan.
Using a life insurance calculator can be helpful in determining your life insurance needs, too.
Creating a life insurance plan is usually far less expensive and less complicated than people think. Don’t let misperception and procrastination keep you from protecting the financial future of your family.
I want to make sure I have made a clear offer to help you discover your life insurance need and help you find an efficient solution. Call our office at 405-340-0606.
Or complete this short form and I’ll reach out to you so we can start the conversation.