Life insurance companies date back to the 1700s in our country but Life Insurance Awareness Month was only established in 2004. An industry education group known as Life Happens developed this awareness campaign to educate Americans on how life insurance can provide financial security for families. Life insurance can provide income replacement, access to cash, supplemental retirement income, tax advantages and can be a beneficial element of your estate and legacy planning.
Life insurance requires planning and is less expensive for those who are young and healthy. Buying a policy when you are young and healthy can be an affordable way to financially secure those who depend upon your income. As is the case with any insurance, once you need it, it’s too late. However, planning can help anyone determine which policies are affordable and can provide for their specific needs. Considering how life insurance might provide for debt, savings, or financial support can help you estimate how much insurance you need and when to buy.
If you have already purchased a policy it is a good idea to review your current needs and coverage annually to ensure that you are meeting current needs. This education campaign provides a timely reminder for these annual reviews. If your family’s needs are covered – life insurance policies can also be used to enhance your charitable giving by naming the nonprofit on your heart as a beneficiary to your policy.
Much information is online but we encourage you to inquire with a licensed and registered agent who can assist with your customized needs.
