As a financial firm, we work with “how much” questions all the time. As a team with life insurance expertise, one ‘how much question’ we hear quite often is, “How much life insurance coverage does my family need?”
Employee benefits and insurance coverages are complicated, and none of us are taught this stuff in school. But they play a huge role in all our lives, and it is important we understand how they work and how to use them.
With every day that passes, more and more risks come into play with an inadequate life insurance plan. Only you can decide how much you need, or if you need it at all. But if you do need it (and I bet you do), at least make sure what you have is working like you want it to.
September is Life Insurance Awareness Month. Why do we have life insurance awareness month and not real estate or mutual fund or investment awareness month? Because life insurance is a unique – and may be the most important product – in your financial portfolio.
I’d suggest you spend a few minutes with a knowledgeable person whom you like and trust, and make sure your life insurance coverage is exactly what you want it to be. And that will be something to celebrate.
We plan, and when the time comes we put those plans into action and we keep moving forward. Who knows when it will rain or for how long… but when it does (and it will), we will be ready.
This is part of our month-long series we hope will inspire parents to discuss financial literacy with their children. It’s never too early to start saving!
In the days and weeks ahead, we will be providing content here that hopefully will help you cope financially with the COVID-19 virus. Some will be news updates, some will be planning suggestions, some may just be sayings and stories meant to educate and inform, while also putting a smile on your face…. but all are meant to help us as we navigate this new world. We are all in this together, and together we will get through it.
Whether it is for a large business or a small family, every financial plan needs good umbrellas. Risk management is not as sexy as saving and investing, but it is equally important (if not more so) and can waylay the best laid plans.