Specifically, here’s what life insurance can help you accomplish:
Educate your children If you were to die prematurely, your life insurance policy can pay, in whole or in part, your children’s college education.
Pay off your mortgage If you have sufficient life insurance, the death benefit can pay off your mortgage, so your family wouldn’t have to move.
Help pay for your retirement If you’ve purchased some form of permanent insurance, such as whole life or universal life, you can build a cash balance, which can help you pay some of your expenses during retirement.
You can appreciate the message behind Life Insurance Awareness Month so take it to heart and make sure you’ve got the coverage you need.
Go Beyond Employer’s Life and Disability Policies
Your employer may offer life and disability insurance as benefits. But are they sufficient?
To determine how much life insurance you need, do some calculations. How big is your mortgage? How much would it cost to send your kids to college? How much income will your spouse bring in over time? Once you’ve got the answers to these types of questions, you’ll know about how much coverage you require and whether you need to purchase additional insurance on top of your employer’s plan.
As for disability insurance, look at what your employer offers. Many employers provide short-term disability plans, but many disabilities last a year or longer. You may need to supplement your employer’s coverage with a long-term disability policy.
Take full advantage of your employer’s life and disability insurance plans. But if they aren’t enough, get what you need on your own. It’s a smart investment.
Contact Wendell at Edward Jones www.edwardjones.com.