June 28th is National Insurance Awareness Day. This prompts the question; are adequately covered? As we approach this holiday, it is a great time to assess your life insurance coverage and evaluate your risk. It’s never too late to strengthen your current coverage.
Why you may need life insurance coverage
The idea of life insurance can feel daunting, but the meaning is simple: life insurance helps protect your family from financial hardship if you were to pass away unexpectedly. Life insurance can help your family provide for lost income, cover bills and debts left behind funeral expenses, and potentially help pay for living expenses for your family for a period of time. If you have a spouse or dependents, life insurance is a great way to help protect the people you love. Take the next step today on National Insurance Awareness Day.
Ways to evaluate your coverage needs:
- If you have a spouse
- Whether you have kids
- You have debt
- If you do not have enough money to cover your debts as well as the expenses related to death—your funeral, estate, attorney fees, and other expenses.
If you answered yes to any of the above scenarios, life insurance is likely a great option for you and making sure you’re signed up for the correct amount of coverage is very important.
Consider an Indexed Universal Life (IUL) Policy-
An IUL insurance policy provides a death benefit and a separate cash value that could increase over time. The performance will mimic an equity index. Although an external index or indexes may affect policy values, the policy does not directly participate in any stock or equity investments. Indexed Universal Life increases in value when the market performs and does not lose value when it underperforms. For this reason, an IUL policy may benefit the insured. Based on the possibility of a higher cash value accumulation than a universal life (UL) insurance policy.
Work with your financial professional to get started-
Your financial professional can help you make sense of the complicated world of life insurance and get started. Once you know whether life insurance is a necessity for you and the type of life insurance for your situation, it’s important to make sure you have enough coverage. If you are wondering if you have enough life insurance to provide for your loved ones in case of an untimely death, reach out to your financial professional today.
The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. Before any decisions are made regarding your client’s financial situation, your client’s individual circumstances and objectives should be discussed. There are many factors to consider. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
At Perennial Pride we discovered how to align with the core principles of the Prosperity Economics Movement. Therefore, I created Perennial Pride to help educate people on the truth of money. So you, too, can take advantage of alternative approaches outside typical financial planning. In conclusion, contact us today to benign to understand how you can align your finances with the prosperity economics movement.