Life is…
By State Farm® Agent Brent Cooper
Life is….spending time with family and friends. Watching a ball game. Lying in a hammock on a Saturday afternoon.
Life can be all of these things and more. Life is happy and sad and all things in between. It’s about living.
But life is also about protecting your family from the unexpected. Life is making sure your family can continue without financial hardship if you are no longer around to help them. One way to do that is to have adequate life insurance coverage on you and your spouse. Life is….being protected with life insurance.
Whether you are the main breadwinner or not, the American Life Insurance Council states you should have five to seven years worth of your salary in coverage. Others increase it to 10 years.
According to LIMRA, 68 million adult Americans have no life insurance. With so many Americans leaving their loved ones financially vulnerable, the Life and Health Insurance Foundation for Education (LIFE) designated September as Life Insurance Awareness Month (LIAM), a time for the public to take stock of their life insurance needs.
The best way to determine your needs is to begin with calculating what long-term expenses you have that your loved ones would be responsible for if you were not around. Those expenses could include a mortgage, college tuition and everyday items such as food and clothing.
The type of policy you choose is an important decision. Term coverage can be very affordable initially, but premiums may increase over the life of the policy. Permanent policies usually have higher premiums but tend to stay level. How long you need the policy is also important to consider.
A qualified life insurance professional can assist you in your calculations and show you policies that may fit your needs. Life is ever changing. Protecting your family from financial struggles after you are gone is what life insurance is all about.
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