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Click on the video below to learn more about the importance of Life Insurance Planning.
Let’s face it, life insurance isn’t glamorous. No one enjoys discussing it and it’s definitely not a fun process to go through. Like death and taxes, though, buying life insurance has become an essential and necessary part of life. Pretty much everyone knows they need it, but it’s one of those things people procrastinate about until an important life event prompts them to get out there and buy it. There are serious advantages, however, to buying insurance earlier than later, especially if you’re dealing with debt, are married or you’ll be getting married soon, have a family or are planning on starting one, or if you own your own business.
Why Exactly Do You Need Life Insurance?
Purchasing life insurance is a big decision… one that will stay with you for many years. If you already have coverage but haven’t seen or reviewed it in forever, it would probably be a good idea to schedule a review to see if it still makes sense for your current situation. It may make sense to buy more insurance (especially if your life has gone through a lot of changes since you purchased it) or to even let your old policy go.
Also, if you happen to have group life insurance through your employer, please DO NOT make the assumption that is all you need. Most group life coverage that is made available by employers only provides TWO or THREE times your salary. Keep in mind, too, that in most cases, group life coverage is not portable so you will not be able to take it with you in the event you leave the company or are let go unexpectedly, and you don’t want to be without any life insurance.
Lastly, please remember that insurance gets more expensive as you age. So, do your best not to wait to buy insurance as it may become more of a challenge and financial burden to do so. Yes, like a lot of things regarding planning, insurance can seem quite complicated and overwhelming at first. But that’s why we’re here and it would be our privilege to help as this is a significant purchase and one that could have a serious impact on your loved ones down the road.
Cameron A. Michels
Insurance Advisor / Planner
PLANWELL Wealth Solutions