Why do I need Life Insurance?

A recent survey by LIMRA International shows that one third of adults in the U.S. have no life insurance.  Those with coverage, the study also showed, have far less than most experts recommend for a secure financial future for their families.  For most consumers, buying life insurance can be a tough decision, and myths about life insurance can confuse and delay consumers from purchasing a policy, potentially forcing their families to make financial sacrifices.

One of the many benefits of life insurance is to help protect loved ones who depend on you financially.  To determine how much life insurance you need, assess your current and future financial obligations and the income that your loved ones count on to meet those needs.

Life Insurance provides more than a tax-free cash payout upon death; it also helps provide peace of mind that your loved ones will be covered.

Common myths about life insurance.

• Myth:  I am single.  Most single people don't have a pressing need for life insurance because no one depends on them financially.  However, there are exceptions -- for instance, if you're providing financial support for aging parents or siblings.

• Myth:  I don't work.  Stay-at-home parents often make significant financial contributions to a family's budget by providing such things as childcare, transportation and housekeeping services that could add up to tens of thousands of dollars a year.  Could a single surviving spouse afford to pay for these servies on his or her own?

• Myth:  Group life provides all the coverage I need.  Group life insurance is a great component of a life insurance program.  However, the coverage offered is not always enough to take care of your beneficiaries and usually offers limited coverage options.  Group policies are generally  non-transferable once you leave your current job.

• Myth:  A permanent policy is better than a term policy.  The kind of coverage that's right for you depends on yourunique circumstances and financial goals.  
  The term policy generally offers the greatest coverage for the lowest initial premium.  A permanent policy may work best ifyou anticipate a need for long-term protection.

 As always, my staff and I are always available to handle question regarding any of your insurance needs