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How to Protect your Family with Life Insurance

March 31 2014

Contemplating what life would be like for your family without you can be a difficult task.   When our lives are running smoothly, the thought of buying life insurance does not seem that important.  However, that is the optimal time to make sure your Life Insurance plan is in place. If it has been some time since you last reviewed your life insurance policies, you should consider having them reviewed and you might want to ask yourself a few essential questions:

  • Do you have loved ones that need to be protected?
  • Do you have enough saved for Funeral Expenses, Taxes, or any outstanding debts?
  • What about Emergencies? If a crisis should arise, are you prepared?
  • Educational costs? What will you leave for your family?
  • What type of insurance do I have/need? Universal? Term? Permanent?
  • Have you calculated your family’s future financial needs?

To put it in perspective, understanding how much you and your family spend in a year will give you an idea if your current Life insurance coverage is adequate. For example, if you household spends more than $250,000 a year, a term Life insurance policy of $5,000,000 may not be sufficient.

It’s pretty unambiguous; don’t wait for a medical scare to get life insurance or review your policies –chances are you won’t get the same coverage and your premiums will be extremely high.  Make sure you take the next step in determining if your current coverage fits your Life Insurance needs.

Cary Stamp & Company can help you review your policies, and even strategize with you in finding the best Life insurance solutions. Don’t postpone, contact one of our Financial Advisors today.