Life insurance has long been considered a cornerstone of financial planning for both individuals and families.
So when I read recently that the number of Americans with individual life insurance policies is at the lowest level in 50 years, I was surprised. I was even more surprised to learn that 30 percent of Americans have no life insurance at all.
These figures come from a study conducted by the Life Insurance and Market Research Association (LIMRA). The same study contained another eye-opening statistic. Of the 35 million American households without life insurance, 11 million have children under 18 years of age.
I'm assuming that everyone reading this message has at least a basic policy. However, if for some reason - including a job loss - you have dropped your life insurance, talk to us. We can recommend a short-term solution that will protect you and your family until you get back on sound economic footing.
More likely, you're wondering if you have enough life insurance. If so, you're not alone. Over half of all Americans believe they need more insurance than they currently have. A significant number say that they would have trouble paying the bills if the primary breadwinner died.
There are many types of individual life insurance. Term. Whole life. Variable life. Universal life. So which type - or what combination of types - is right for you?
And how much life insurance do you need? There are a number of considerations.
- Are you just starting your career? Or are you nearing retirement?
- Are you the primary breadwinner or part of a dual-income household?
- Do you have young children?
- Do you have aging parents or a disable family member who depends on you?
- Do you want to leave gifts to your spouse, children, or other heirs?
- Would you like to make a charitable bequest? If you're a small business owner, you may be wondering what steps you need to take to protect your heirs and your employees while providing for the continuation of your enterprise
These are important questions, and there are no simple answers. But by working together, we can put our "individualized solutions" approach to work to determine what kind of policy and what amount of coverage will give you the protection you need. To get the conversation started, just give me a call.