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Think You Don’t Need Life Insurance? Think Again!
September is Life Insureness Awareness Month. Here are some things to think about when deciding if you need or have enough coverage.
”The fact is, most Americans need life insurance,” says Robbins. “If someone depends on you financially, you need life insurance. It’s that simple. Unfortunately, roughly 70 million adult Americans have no coverage at all, and most of those who do have far less coverage than financial experts recommend.”
Life insurance, Robbins points out, provides cash to your family after your death. Known as the death benefit, it can help your family pay for the funeral and other final expenses, eliminate credit-card balances and car loans, and provide loved ones with income to live on for a period of time.
Whether a person needs life insurance depends on his or her particular situation and financial objectives. For help determining if you need life insurance, Robbins describes why coverage needs to be an important consideration for each of the following six scenarios:
You’re Married. Married people share a life with one another, but also share financial obligations. If you died suddenly, would your surviving spouse have enough money to pay for your final expenses and buy time to adjust to a new way of life? Life insurance can help ensure that these financial goals will be met.
You’re Married With Kids. Having kids is the most obvious reason to own life insurance. If you and your income were suddenly gone, would your spouse and kids be okay financially?
You’re a Single Parent. As a single parent, you're the caregiver, breadwinner, cook, chauffeur, and so much more. You need to make doubly sure that you have safeguarded your children’s future in case you are no longer there to care for them. Make sure you have enough life insurance and designate who will take care of your children in case the unthinkable were to happen.
You’re a Stay-at-Home Parent. Just because you don't bring home a paycheck doesn't mean you don't make contributions to your family that would be expensive to replace. If you were no longer there, could your spouse afford to pay someone to provide the childcare, transportation, cleaning, cooking and other household responsibilities that you handle every day?
You’re Approaching Retirement. The kids may be gone and the mortgage paid off, but that doesn't mean Social Security or your savings will necessarily take care of everything that lies ahead. If you died tomorrow, would your financial strategy, without insurance, enable your spouse to maintain the lifestyle that the two of you worked so hard to achieve?
You’re a Small Business Owner. Life insurance can help protect your business in a number of ways in the event you, your partner, or a key employee dies prematurely. A buy-sell agreement funded with life insurance allows surviving business owners to buy the company interests of a deceased business owner at a previously agreed-on price. Key-person insurance can provide business owners with the flexibility to hire a replacement when the key employee dies.
“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Robbins “I urge everyone in Calabasas to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”
According to Robbins, consumers can get a general sense of their life insurance needs by going to www.lifehappens.org/
About Life Insurance Awareness Month
Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. The campaign was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. Roughly 70 million adult Americans have no life insurance, and most of those who do have far less coverage than most financial experts recommend. For more information on life insurance, visit LIFE’s website at www.lifehappens.org.
ABOUT LENNY ROBBINS AND LIFENET INSURANCE SOLUTIONS
Our company is a family operation. Lenny has worked in financial services for over 30 years; working first as a stockbroker with major NYSE brokerage firms and later owning his own firm which specialized in investments and insurance for individuals and small businesses. He has been exclusively involved in the life insurance and related areas for the last 15 years. Terry runs the "back office" at LifeNet. Prior to joining on a full time basis, she managed all the finances for a non-profit counseling center. She coordinates all the various information necessary to insure that policies are issued in a timely fashion. Find us at http://www.lifenetinsurance.com
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