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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?

One of the most fundamental questions you should ask yourself when contemplating life insurance is this: Will someone in my life be negatively impacted (from a financial standpoint) by my untimely death? Please note that this is not the same as “Will someone be sad in the event of my untimely passing?” Of course, there will be sadness. You do not, however, want your loved ones to assume debt you created.

If You Were To Die Tomorrow, Who Would Assume Your Debt?

If you own your own home, are a business owner, or have personal debt, it's likely that your next of kin will become responsible for your debt. Of course, that means members of your family could end up having to payoff your debts in the event of your untimely death.

What About Children?

If you have kids and you do not have life insurance, you just might be putting your whole family at risk. That's never a pleasant thing to hear, but it can definitely become a reality if you haven't put the appropriate life insurance plan in place.

And What If You Own A Business?

Have you ever imagined what would happen to your business if something were to happen to you? Do you have a business succession plan such as a funded buy-sell agreement? If you don't already have one, we need to have a real conversation real soon.

So, Exactly How Much Insurance Do You Need?
This is a question I have gotten countless times over the years and every answer is different as there are a number of variables that go into this decision. We have to take into consideration things like home ownership, personal debt, business debt, or if you have children. The rule of thumb used by many insurance and financial professionals is somewhere between 10-15 times your annual salary. With that in mind, however, if your life is really complicated (lots of children, a very successful business, significant amount of debt), then you may want to consider increasing that amount.
What Else Should You Know?

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 706.604.7526 [email protected]

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