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3 Questions To Ask Yourself About Your Life Insurance
September is Life Insurance Awareness Month, a campaign started by Life Happens, a nonprofit organization that seeks to educate the public about the need for life insurance. Whether you don’t currently have life insurance or you have a policy at work that you haven’t looked at in years, September is a good time to have a look at your policy and make sure that it is still suiting your needs. Here are three things to keep in mind when considering life insurance or reviewing your policies.
Do you have enough coverage?
The first thing you want to take a look at is your coverage level. Many employers do provide some life insurance for free or at a reduced cost to employees. Even though this policy is “better than nothing”, it is unlikely to be enough to cover all of your needs. Take a moment to think about what the needs of your family would be if you were gone. You will want to make sure you have a good term life policy to cover things such as your current debt load, the loss of your income and adjustment period for your family (your spouse likely would need some time off from work). If you add these things up and your current policy won’t cover them, talk to your insurance agent about getting an additional policy. A term policy is best to cover these needs as you can adjust the amount of coverage throughout your life as your needs change and it offers a lower premium for a higher death benefit that you can pay monthly or quarterly throughout the term. This makes it much easier to fit into your budget.
Do you have a safety net?
Life truly does happen. The perfect home may come along, the kids may have dreams you want to help with, illness could strike, or a friend or family member could have a crisis. A permanent life insurance policy can act as a safety net for while you are living as well as help your family pay expenses when you are gone. A permanent life insurance policy will gain cash value throughout the years and may even earn dividends. The longer you have it the more value it accrues. You can borrow against the cash value of your policy when “life happens” instead of needing to sacrifice your savings or take a higher interest bank loan. Any outstanding balance not at your death will be subtracted from the policy’s death benefit. You can pay for permanent life insurance in one premium or over the course of several years. Once it is paid you have it for life, no matter what happens with your health. So even if you have health issues that keep you from renewing a term policy, you will have the permanent policy to fall back on.
Are you leaving a legacy for your family?
Aside from paying off debt and helping with immediate expenses, you certainly want to leave something for your family after you pass away, whether it is your children, grandchildren or, hopefully, great-grandchildren. Life gets in the way and we are not always able to save as muchas we would like. Good life insurance planning can also help you to be able to leave an additional legacy for your family or even for the charitable organization of your choice. Make an appointment with your agent to talk about how you can do this and you will not need to feel as guilty for spending your savings on that boat or vacation while you are alive.
Need an agent?
If you don’t currently have a life insurance agent to talk to, GBU can help. Call us today and we will introduce you to a great agent in your area to help with your life insurance needs. When you purchase an insurance policy from GBU, you also become a member of one of the largest fraternal organizations in the country. GBU offers a great member benefits, including additional support for the charitable organizations that you love.
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GBU products are available in these states: CT, FL, IL, IN, MD, MI, MN, MO, NJ, OH, PA, WV & WI.