Time to Consider if Your Loved Ones are Protected - September is Life Insurance Awareness Month
Thursday, September 5, 2013 • 2:33pm
September marks the beginning of Life Insurance Awareness Month, which is the perfect time to remind the members of our community to consider if their loved ones are fully protected. Nearly half of all Americans either have not considered life insurance or do not think they can afford it; however, there are a range of options available that make life insurance affordable to all.
There are many myths about life insurance that exist including:
Myth #1: I don’t need life insurance if I don’t have any children.
- Many people incorrectly assume that life insurance is only for people who have children. Rather, life insurance helps protect any loved ones you might leave behind if you pass away unexpectedly. If you’re married, have you considered if your spouse would be able to cover financial expenses such as monthly rent, utility bills, and credit-card balances without your income? A life insurance policy will help give you peace of mind that your loved ones will not face financial hardship if anything unfortunate occurs.
Myth #2: If anything happens to me, my spouse will be able to provide for our children.
- Most families depend on two incomes in order to make ends meet. Life insurance helps make sure that your family’s plans for the future don’t die when you do.
Myth #3: Since I’m a stay-at-home parent, my family does not rely on me financially and I do not need a life insurance policy.
- The value of an individual who provides for his or her family at home cannot be measured by the financial contribution he or she makes. Childcare, transportation, cooking, cleaning, and other household activities are all vital for a household to function and may have a heavy cost for your family if they need to find someone to provide these services if you unexpectedly pass away.
Myth #4: I’m single without any children. Life insurance isn’t necessary for me.
- Simply because an individual is single does not mean that life insurance is not of any value for him or her. Life insurance may help provide for aging parents or siblings who may rely financially upon the single individual. Life insurance will also help ensure that any debt an individual possesses is not passed on to surviving family members.
Life insurance comes in many different types and amounts. When determining your life insurance need, remember to consider immediate expenses (such as funeral expenses) and how much your family will need to maintain their standard of living in the long run. Visit Allstate’s LifeTrek website to help determine your needs at http://www.myallstatefinancial.net/. Our agency staff is also always here to discuss your needs and find the right amount of coverage to protect what matters most to you. If it’s been a significant amount of time since the last discussion you’ve had about life insurance, it may also be time to reevaluate your coverage to make sure you are ensured for any new life changes such as a new child, buying a home, taking on debt, caring for aging parents, planning for college, or planning for retirement. Don’t wait until catastrophe or illness prompts you to consider if your loved ones will be secure without you. Call our agency today at 908-464-0090 or stop by at 172 South Street in New Providence.