September is Life Insurance Awareness Month. Do You Have a Plan to Protect Your Family?
Many people think of life insurance as a vehicle to cover the basics when they pass away.
You know – pay off funeral costs and the mortgage, and fund your children’s college education.
Maybe you want to leave something to your surviving spouse, especially if you are the primary breadwinner.
It is true people use life insurance for all these things. Policy proceeds provide liquidity and are generally free of federal income taxes for the beneficiary.
However, life insurance could help you meet many other needs.
Americans say they are underinsured
Nearly one in three Americans feel they need more life insurance, according to a 2017 fact sheet from the Life Insurance and Market Research Association (LIMRA).
What’s more, LIMRA reports 71 percent of husbands own life insurance, compared to 63 percent of wives.
September is Life Insurance Awareness Month, and the 2018 theme is, “Journey to Financial Fitness.”
This makes right now the ideal time to examine your readiness for any unexpected twists and turns your life – or those of your loved ones – may take.
Some of the many uses of life insurance
Family Needs and Legacy
- Fund college for kids or grandkids
- Provide funding for special needs children or adults
- Pay off mortgages
- Buy life insurance for children or grandchildren to potentially lock in lower rates, guarantee insurability and provide other living benefits
- Earmark for charitable contributions
Additional Funds for Retirement
- Build cash value for use in retirement
- Realize tax-advantaged income (through policy loans and withdrawals)
- Help increase income from pensions or Social Security
To choose the right insurance for your family, it is important you fully understand how the different policies work. There are costs and limitations, as well as varying benefits.
Because AmeriLife works with many carriers, our agents can offer policies from a variety of insurance companies to meet your individual needs.
One of our licensed agents can review your goals and financial situation before recommending a product and strategy to meet your family’s needs.
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