Did you realize September is life insurance awareness month! It’s not on most calendars of those not directly involved with providing life insurance. Often times, the importance of life insurance isn’t considered until reaching middle-age.
Unfortunately, by middle-age, many opportunities may have already passed and the options for insurance can be more limited than those available in your youth. Life and health change as we age—a parent has been diagnosed with cancer, you have had chronic back pain, your sibling has diabetes. These things are out of our control. But the healthier you are, the less you’ll pay for your life insurance coverage. That’s why it’s important to act now no matter what your age.
The real question is, why should you get life insurance? The most common reason is to leave your family with a replacement of your income should you pass away unexpectedly. Life insurance provides a bridge, making the adjustments to lifestyle easier and paying off debts like a mortgage. Debt burden is becoming the norm, and leaving your family with debt unexpectedly is a burden you can avoid with a life insurance policy. Leaving loved ones with replacement income helps the process be exponentially less stressful for them. It’s a small price to pay for the benefits provided to them.
Life insurance isn’t just to help you and your family in the event of an unexpected death. Have you ever thought about how life insurance can provide benefits while still living? How diverse is your retirement portfolio? Have you ever considered “Tax Diversification” of your investments and retirement? What about leaving a legacy, or better yet, starting a legacy for future generations? Retirement income, estate planning, wealth transfer in a tax-free vehicle, establishing a family trust; there are literally hundreds of scenarios and needs for which life insurance can provide great solutions for the living! If you haven’t considered how life insurance can further your personal financial goals beyond providing for your family after your passing you may not have the best investment and retirement strategy for those goals.
To get started on your life insurance evaluation, give our office a call. At Professional Financial Specialists, Inc., we work for our clients, not the carriers. We can provide you a comprehensive apples-to-apples quote outlining each of the carriers we work with and what they can offer you. We will meet with you to explain the details of what you can get out of your coverage, and more importantly, what you and your family need from it. As a full-service brokerage, we can make it a seamless process for you to have one insurance broker for all your coverage.
Professional Financial Specialists, Inc. offers a wide range of services, including group and individual health, professional and general liability, workers compensation, individual and group disability income, business owner’s policies, and 401k retirement planning. Give us a call today, we’re happy to help!