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R&R Insurance Blog

September is Life Insurance Awareness Month

Posted by Tom Driscoll

mom with kids on couchHeld 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 11 million households with children under 18 have not life insurance. To top that off, most of those who dohave life insurance have far less coverage than most financial experts recommend.

For more information on life insurance, visit LIFE’s website at www.lifehappens.org. In addition, they have a very cool mosaic going on with "Insure Your Love" that is worth a look!

Two main reasons for taking care of life insurance when you are younger:

  1. You are just that - younger! Premiums are based on age and health - take advantage of your youth
  2. You are healthier - again - take advantage of that

Most mid-life people I know really regret not taking care of their life insurance when they were younger. If they had, they would have saved themselves a lot of money!

For more information about life insurance, estate planning, business continuation and annuities, contact knowledgebroker Tom Driscoll.

 

 

Topics: Life Insurance, Mortgage Protection, Financial Services, tom driscoll, insure your love, life insurance awareness month, lifehappens.org, Business Insurance

If You Died Tomorrow...Life Insurance Thoughts to Live By

Posted by Tom Driscoll

family with babyIf you died tomorrow, how would your loved ones fare financially? It’s not a pleasant scenario to think about your own death, but not doing so can have serious consequences.

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 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. Coverage needs to be an important consideration for the following scenarios:

  1. 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. Life insurance can be considered mortgage protection. Protect your spouse's ability to keep the home that you live in. Life insurance would offer the funds necessary to keep the home and the mortgage intact.
  2. 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? Life insurance helps replace lost income to help make sure those who depend on you will be provided for, no matter what life throws your way.
  3. 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.
  4. 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?
  5. 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?
  6. 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.

You can get a general sense of your life insurance needs by going to www.lifehappens.org/lifecalculator and using the online calculator offered by the LIFE Foundation, a nonprofit insurance education group. Or, you could contact me and we can have a quick discussion to help you determine the right coverage for you and your family or your business - products that fit your lifestyle and your budget.

Topics: Life Insurance, Business Continuation, wisconsin residents, buy-sell agreement, Mortgage Protection, Buy-Sell Agreements, Financial Services, life foundation, tom driscoll, life happens, lifehappens.org