Sep
11
2008
Is Your Life Insurance Policy Out of Date?
Author: Byron UdellLife Insurance Awareness Month reminds us that one thing is certain-Americans do not fully comprehend the importance of having a life insurance policy.
- Nearly half of U.S. employees and retirees are unsure of how they would cover expenses in the event of their death or that of a spouse.
- One quarter of those surveyed said they would rely on selling investments and withdrawal from personal and retirement savings to manage finances related to the death of a loved one.
- The average amount of life insurance coverage on insured husbands is $235,600 and insured wives average $147,800 of life insurance
There’s no time like the present to re-evaluate your current needs. Be sure to set aside time to consider your coverage options. Use free tools available to you on the internet, such as a life insurance needs calculator, to identify current and future needs. Finally, talk to a licensed representative for meaningful recommendations.
September 12th, 2008 at 8:52 am
It’s a good idea to re-evaluate your life insurance needs every 2-3 years, because your situation changes as you get older. You may get married, purchase a home, start a family, and add to the growing list of your financial responsibilities. Life insurance can help you protect those who rely on you for financial support.