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Aren’t we lucky to have a life worth
protecting?
Reflecting on the life, home, family, and friendships that we
have established can be the first step in starting the important
conversation of protecting what we love. When we take this
inventory, we may find we have more to treasure than we realize.
Planning for the future is a journey that can never start too
soon.
The Following Is From Genworth Financial
It goes without saying. Sometimes we feel that
we know a spouse or a partner so well that we know what they’re
thinking.
Honestly, though, could you name the three greatest priorities
of the most important person in your life? And could they
name yours? In fact, could you name yours? Most of us would
automatically start with “my loved ones,” but does the way we
live and plan our lives truly reflect our priorities?
We spend much of our lives creating the best life we can,
providing
for our loved ones, creating the experiences that we hope will
create wonderful memories, and taking care of each other.
We plan and save for a rainy day, for emergencies and for our
family’s
future. Important things usually find a place in our budget, but
statistics
show that most of us don’t plan for what might happen when we’re
gone.
Loss of a primary wage earner or stay-at-home parent can be the
biggest
emergency a family will ever face. And it can put the life that
our loved ones
have enjoyed or that we’ve planned for at risk.
Whatever your life situation or circumstances — young or old,
married or
single, male or female, well off or just getting by — life can
be unpredictable.
There are no guarantees.
That’s why it’s never too soon to think about the
life you’d like your family to have, the way you
want to be remembered, and the causes you’d
like to support. Don’t postpone the discussion for too long.
Good reasons to talk about the future today
- 1 - “Tomorrow” doesn’t come with a guarantee.
- 2 - The sooner you start planning, the more confident you’ll
feel.
- 3 - Your and your family’s financial sense of security can
never come too soon.
When thinking through what kind of protection may be right
for you and your family, consider whether you need a
temporary or permanent solution or both. Do you want to
protect your family or other loved ones only while they are
dependent on you, or is there a need for protection in later
phases of your lifetime?
Although mortgage, education and other child related expenses
may diminish in your later years, your focus on retirement
savings and your nest egg may increase. Consideration should be
paid to the impact on your spouse’s or partner’s ability to
retire should something happen to you before your nest egg is
built as planned. If you need protection while you have
dependents or for a specific period of time, term life insurance
may be the answer. Otherwise, permanent life insurance may give
you greater flexibility.
While some experts suggest purchasing five to 10 times your
annual salary in life insurance coverage, your unique
situation will drive how much you need. Your “ideal
equation” should consider not only the short-term costs
associated with funeral expenses and medical bills, but also
long-term expenses like mortgage, car payments, student loans,
and retirement funding for your spouse or partner.
Planning for outstanding debt could help your loved ones avoid
dipping into savings, having to go back to work to meet
financial obligations, or postpone their planned retirement.
Life
insurance can give you:
The power to protect
• Helps protect the people and things you love from the loss
of your income
• Helps protect your family’s current standard of living and
ability to remain in their home
• Helps protect your family from unexpected expenses caused
by your loss
The power to comfort
• Makes it possible for your loved ones to realize their
dreams and fulfill your hopes
• Provides financial comfort at one of the most critical
moments in your family’s life
• Gives you confidence that you have planned well for your
family’s future
The power of financial stability
• Helps stabilize your family financially in case of the loss
of a primary wage earner or stay-at-home parent
• Helps cover unanticipated bills related to your estate,
medical bills and funeral expenses
• Provides a death benefit that is almost never subject to
federal income taxes
• In the case of permanent coverage, it can provide an early
cash payout if and when emergencies arise
Discuss your long-range hopes and concerns with the
people closest to you, sharing with them what’s important to you
and finding out what’s important to them. What are their
dreams and fears for the future?
Educate yourself on your options.
It’s important to determine which resource and which product is
right for you and your family’s needs. Consult with your
financial professional, and if you don’t have one, find one with
whom you’re comfortable. They can help you calculate your
life insurance needs and see how life insurance might fit into
your household budget and overall financial plan. Make a
plan, share it with your loved ones and put it into action.
Understand that having insurance is not an “all or nothing”
proposition. Some is better than none, and the goal is to move
over time from “some” to “enough.” You can increase coverage as
your budget allows or as your coverage needs evolve. A
primary goal is to come up with a plan that protects your family
from the burdens of immediate debt after your death. Be sure to
let your spouse or partner know about the plans and policies in
place that are meant to help them.
