LIAM

Back-to-school season is a good reminder that we should never stop learning. Since September is Life Insurance Awareness Month, it seems a good time for some simple lessons about life insurance. Why does life insurance get observed for a whole month? Because it’s that important for individuals and families to educate themselves about the need to incorporate life insurance into their financial plan.

What is Life Insurance?

You spend your whole life caring for your loved ones and ensuring they are set up for success. Life insurance is a chance for you to take care of your family after you pass by providing a financial safety net if you have loved ones who rely on your income.

Why Should You Purchase Life Insurance?

Nothing is ever entirely within our control – accidents do happen. Life insurance is a valuable safety net whether single, married, with children, or without. For peace of mind, the time to purchase life insurance is today!

Life insurance can help pay off debts, such as a mortgage or medical bills, cover funeral costs, and pay for college tuition. The financial protection that comes from life insurance is an affordable way to take care of loved ones when you pass.

How Much Life Insurance is Enough?

Determining how much life insurance you need can be difficult to answer because everyone has different needs and circumstances. Many experts recommend an amount between 10 to 15 times your gross income. For a general idea, Life Happens suggests considering the following:

1.     Add up the immediate, ongoing, and future expenses your family or loved ones would incur if you were to pass away.

2.     Add up the financial resources your loved ones already have. This can mean a spouse’s income and any life insurance already in place.

3.     Subtract your financial resources from the anticipated expenses. The difference between the two numbers is the approximate life insurance to buy.



Life insurance is one of the best ways to care for your family. And even though death is not a pleasant subject to talk about, it’s a meaningful conversation to have. No matter your budget or situation, there’s a life insurance policy for you. Take the time to speak with a life insurance professional for help determining the policy and mount that makes the most sense for you.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about the specific insurance needs or situations, contact your insurance agent.