Life without Life Insurance

What if you were no longer here to provide for your family and loved ones? What if your spouse couldn't afford the home, car, college tuition, or unanticipated medical expenses, all because you hadn't planned for the unexpected? Life is unpredictable. You never know what tomorrow may bring-which is why it's so important to put a plan in place that will protect your family if you're not here. Life insurance can be an essential part of that plan.

It's a subject no one really wants to think about. But if someone depends on you financially, it's one you cannot avoid. In the event of a tragedy, life insurance proceeds can:

• Pay for funeral costs

• Help pay the bills and meet ongoing living expenses

• Pay off outstanding debt, including credit cards and the mortgage

• Continue a family business

• Finance future needs like your children's education

• Protect a spouse's retirement plans

How much do you need?

Life insurance can provide financial resources at your death for your family or business, or for charities and other interests. The amount of life insurance you need depends on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. The answers to these questions may help you determine how much life insurance you should consider:

• What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?

• How much of your salary is devoted to current expenses and future needs?

• How long would your dependents need support if you were to die tomorrow?

• How much money would you want to leave for special situations, such as funding your children's education or gifts to charities?

• What other assets, including existing life insurance, do you have?

• What if your spouse dies first? What kind of coverage does he/she have?

Review and reevaluate your plan regularly.

Whether you have life insurance through your employer or purchased privately, have you reviewed your coverage recently, especially in relation to your current circumstances? Do you have enough coverage to meet your changing needs and goals? If you change jobs, can you take your insurance with you? Lives change over time and your financial needs may change as well. For example, are you having a baby, buying a house, starting your own business, or planning your estate? All of these can change your protection needs. A regular review of your life insurance will help you determine whether you have the right policy and adequate coverage.

Many families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones. Don't let that happen to you and your family. Be sure to seek guidance from your financial advisor to fully wrap your arms around your family's life insurance needs for the future.

Review your present coverage with your insurance professional today to ensure it's keeping up with your changing financial needs and goals. Your advisor can help you review your current policies, assess how much coverage is needed, and help you find the right product solutions for your personal situation. Today’s life insurance policies are generally more flexible, may offer better pricing, and could include a feature not available in older policies. Given the advances of today’s policies, your advisor could help you improve your financial stability by helping to maximize the value of your policies.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or products may be appropriate for you, consult with your financial advisor.

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