September is Life Insurance Awareness Month!
Life insurance is a crucial element of helping you insure against life’s risks, and is a key component of a comprehensive wealth management strategy. While many individuals equate life insurance with tragedy or death, it’s really meant to be for the living. Without it, a family could find themselves not only devastated emotionally, but financially as well.
In today’s economic environment, professionals recommend holding a life insurance policy up to 20 times your household income. Unfortunately, most American families are underinsured. According to LIMRA’s Closing the Life Insurance Gap study from 2015, there’s a difference of nearly $320,000 between what households have in life insurance and what they really need.
While life insurance’s primary objective is to provide income replacement, it also can help cover funeral costs, estate taxes, and support charities. Ultimately, life insurance is meant to help you answer the question, “What happens to my loved ones if something happens to me?”
If you’d like to discover how much life insurance you might need, check out this life insurance calculator, or feel free to contact us and we’d love to discuss your situation with you.