September is National Life Insurance Awareness Month

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Since it’s National Life Insurance month, now is great time to review your coverage!  If you don’t have any life insurance, you’re not alone. Life insurance is one of those “someday” things for many people – but the cheapest time to buy it is probably today.

Life Insurance Basics

There are two kinds of life insurance: term and permanent. Additionally, there are three kinds of permanent life insurance: whole, universal, and variable.  How do these forms of life insurance differ, and how do you find out which type of coverage is right for you?

The way to find out is to look at where you are in life, so that you can assess your current insurance needs. Have you reviewed your insurance lately? Don’t think you need life insurance? If so, consider the following potential factors that may make it a good idea:

You have a Spouse or Partner
Child Tax Credit 2021
You have Children
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You have an aging parent or disabled relative who depends on you for support
Sharing money
Your household depends heavily on your income
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Your retirement savings or pension won’t be enough for your spouse or partner to live on should you pass away
Rehiring Employees
You own a business (solely or with partners)
You have a substantial joint financial obligation, such as a personal loan for which another person could be legally responsible after your death

In any of these circumstances, you may require life insurance. If you have coverage, changes in your life may demand an update. The affordability of life insurance may surprise you. Many people think it is expensive, and so often, it is not. The non-profit insurance education group Life Happens recently conducted a study about this and found that people think life insurance costs three times as much as it actually does. The reality: a 20-year term life policy with $500,000 in death benefits can cost you less than $50 a month.

Next Steps

Life insurance is intended to help your loved ones financially after you die. The proceeds from a life insurance policy may help your spouse, partner, or family members manage finances if they have to adjust to life without your income. The death benefit may also be used to meet funeral costs and other final expenses, which may run into the tens of thousands of dollars.

Are you still unsure about buying life insurance, or do you suspect that your current insurance coverage needs to be updated? Please contact me and I will be happy to assist you in evaluating all the factors and help you choose an appropriate policy.

Earl Blackmon Headshot

Earl Blackmon, CPA

Avizo Group offers Wealth Management for clients who would like assistance in investing, saving, and portfolio diversification. This is an area of need for many of our clients who want to invest but need someone they know and trust to help them.  Earl Blackmon holds a Series 7 and Series 66 license.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.

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