Life insurance is the foundation of a family’s financial security. Often, however, this important piece of the financial planning puzzle is overlooked. According to a recent life insurance industry study conducted by LIMRA, most Americans put other financial priorities ahead of purchasing life insurance, and four in 10 don’t know how much they need or what type to buy.
Employer-provided life insurance is a great supplement to coverage; however few consider that an employer-provided plan may disappear if the job is lost. In a time when the job market is tight and our economy is struggling with a slow recovery, having the financial safety net provided by individual life insurance is more important than ever.
The top two reasons Americans give for having life insurance in the event tragedy strikes are:
- To cover final expenses
- To replace the income of their family’s primary breadwinner
What would a tragedy look like for your family?
How would they be financially impacted? Life insurance is the foundation of a family’s financial security precisely because it is one of the few things that protect a family’s financial hopes and dreams. Life insurance can be used to pay the mortgage, allowing a family to keep their home. It can provide for a college education. These are dreams that would quickly fade at the death of one or both parents without proper planning in place.
So how much life insurance is enough? That’s a question only you can answer. Here is a link an article and worksheet to help estimate how much life insurance you may need. Also, our handy financial tools and life insurance calculators may help you estimate your life insurance needs.
~ Daniel T. Lloyd, CPA, FLMI, CLU, ChFC
Catholic Financial Life Advisor, South Eastern Wisconsin Agency (Milwaukee Agency)
The above is an excerpt from our Member Magazine highlighting the importance of protecting your dreams, preserving assets, and providing security through life insurance.
To read the entire article, click here...
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