Four Tips For Protecting Your Family's Financial Future
North American Precis Syndicate
One of the best ways to protect your family's future is to invest in a life insurance policy. (NAPS)
(NAPSI)—While no one really likes to talk about the scenarios in
which life insurance becomes necessary, having these conversations and taking
the required steps to insure your legacy is the best way to protect loved
ones’ financial futures—and is especially important as you near
According to a 2018 study by Life Insurance and Market Research
Association (LIMRA), only three in five adults have life insurance, either a
personal policy or through work, and more than a third (35 percent) of
households would feel the financial impact within one month if the primary
wage earner died.
To help, Bankers Life President Scott Goldberg offers his insights on the
importance of life insurance and how to easily find a plan that works for you
and your family.
One way to provide peace of mind as you plan for retirement is to consider
life insurance as a part of your financial strategy. The process can be as
easy as assessing your current financial situation, evaluating your
family’s potential needs in the future and then reaching out to an
insurance agent to learn more.
What You Should Know About Life
Here are Goldberg’s recommendations for four steps to take when
considering purchasing life insurance:
1. Confirm your need. Start by asking
yourself a few basic questions. What would happen if you were no longer here
tomorrow? Would those who depend on you be able to sustain their lifestyle?
If you have young children, could they afford to go to college? If you are in
or near retirement, does your spouse have sufficient retirement income? If a
tragedy occurred, how would your survivors pay for your funeral and final
expenses? Most Americans are underinsured and too many do not have the
courage to confront the financial realities that life insurance can help
2. Determine what you can afford.
Once you come to grips with your needs, be honest with how much you can set
aside for this type of protection. As homeowners, people buy insurance to
protect against a calamity. As drivers, people buy insurance to protect
against a collision. Why should life insurance be any different? Evaluate
your finances and make a commitment that you can sustain.
3. Familiarize yourself with the
product types and benefits. There are two main types of life insurance:
term life and permanent life. Term life insurance is akin to renting
insurance. It provides coverage throughout a specified period of time, such
as 10 or 20 years. Permanent life insurance, such as whole life or universal
life, is designed to provide protection for the entirety of one’s life
with plan types differing by what they guarantee, their degree of premium
flexibility, and the way in which cash value accumulates within a policy.
4. Seek professional guidance.
Insurance options are available for people at nearly every income and asset
level, age and risk tolerance. An insurance professional can help you
evaluate your options and recommend a policy based on your unique
circumstances. Generally, insurance agents are compensated by insurance carriers
so there is no direct out-of-pocket cost to consumers to obtain assistance in
determining one’s insurance needs and in making a purchase.
For further information about the benefits of life insurance and to find a
nearby insurance agent, visit www.BankersLife.com.
“To provide peace of mind as you
plan for retirement, consider life insurance as a part of your financial
strategy, advises Bankers Life President Scott Goldberg. http://bit.ly/2Nu7pcz”
On the Net:North American Precis Syndicate, Inc.(NAPSI)