We’ve all heard that question before. But possibly never in such a serious manner as this one. When is enough life insurance, enough for your family?
Let’s face it – this is not a subject anyone likes to talk about. In fact, whenever we get an email or a voicemail from a life insurance representative we tend to cringe, turn away, or simply just “delete.”
And yet, life insurance is the single-most important step in making sure that your family is protected if the unthinkable occurs. According to the life insurance industry group LIMRA, 30 percent of US households have no life insurance whatsoever. Today, there are 11 million fewer American households covered by life insurance compared with six years ago. The bottom line is that a majority of families have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.
What if you were suddenly no longer here and your family had to manage on their own? When was the last time you worked through your budget to be sure your family would be OK? Here are some simple steps you can take to get started on protecting your family financially:
- Check with your employer to find out what insurance is available as a benefit, and if your current policy can be increased
- Have your life insurance policy reviewed by a professional to be sure you have adequate coverage for now, and in your family’s future
- Consider your family’s future financial needs: College tuition, weddings, debt payoff, car purchases, home maintenance, etc.
Having the right life insurance coverage provides much more than just peace-of-mind, it can keep a family – a family
