Life Insurance: Do You Have Enough?
June 28th is National Insurance Awareness Day which prompts the question of whether you are adequately covered. Right now is a great time to assess your insurance coverage and evaluate your risk of being underinsured.
The importance of having life insurance coverage
The idea of having life insurance coverage can feel daunting. Still, the meaning of it is simple: life insurance protects your family from financial hardship if you were to pass away unexpectedly. Life insurance will help your family provide for lost income, help cover bills and debts left behind, cover funeral expenses, and help pay for other financial obligations. If you have a spouse or dependents, life insurance is one way to protect the people you love.
Ways to evaluate your coverage needs:
- If you have someone that depends on you to support them financially
- Whether you have dependents
- If you have debt
- You lack financial resources to cover expenses related to death—your funeral, estate expenses, attorney fees, etc.
If you answered yes to any of the above scenarios, life insurance might be an option for you to consider. Purchasing a life insurance policy for the correct death benefit amount to cover all your financial obligations is essential. Once you determine whether life insurance is necessary and which type of life insurance coverage is appropriate, it’s essential to make sure you have enough coverage.
We can help you determine whether life insurance is necessary, how much coverage is enough coverage, and which type of life insurance coverage is appropriate for your situation. For more information or to get a conversation started, contact our office today or book an appointment online.