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Urban Suburban Magazine - Money Monutes - Are You Financially Exposed?

Are You Financially Exposed?

by Brian Madalion
State Farmģ Agent

Many people realize the need for life insurance but keep putting it off until it is too late. You may think that life insurance is confusing, expensive and complicated. You may think you donít know enough to make the right decisions for you and your loved ones. Postponing this decision leaves you and your family exposed financially.

Assumption #1: Iíll always be able to buy life insurance. You could develop a health condition that makes you uninsurable or could make life insurance too costly for you.

Assumption #2: Iíll get life insurance later when Iím older or have a family. Life insurance may be needed at all stages of life. Whether married or single, male or female, with or without children, you may have financial obligations that need to be met. Life insurance provides financial security for you and your loved ones.

Assumption #3: My family and I are covered by the group insurance at work. To meet the future needs of your family, you need to have 7 to 10 times your annual income. Most group term insurance amounts offered by employers wonít meet this need. And, when you donít work for that employer any longer, you usually lose that coverage.

Assumption #4: My husband has life insurance so I donít need it. Women often live longer than men but not always. There are countless stories of men who had to shoulder the family financial burden along with the emotional burden after their wife passed away.

Assumption #5: My family can cover funeral and burial expenses. Burying a spouse or loved one is the most stressful time in a familyís life. Having life insurance can reduce financial concerns for the family.

Take the time now to review your needs and provide adequately for yourself and your family. For more information, contact an insurance professional.

 

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