Risk Management Tip

Life Insurance – ensuring your family’s financial security

Family

LMRA, a national organization that conducts life insurance research, calculates that 70 million households in the U.S. have a life insurance gap. This is the perfect opportunity to ask yourself if you’re adequately protecting the ones you love, especially when you consider:

  1. Life insurance is dependable. While the value of stocks and other investments can rise and fall over time, insurance benefits remain steady and unaffected by market fluctuations.
  2. The cost of life insurance may be lower than you think. Buying life insurance at work can be one of the most cost-efficient ways to help protect your family. Because of the purchasing power of your employer’s group benefits plan, there’s a good chance life insurance at work will cost less than a policy you might find on your own.
  3. Life is always changing. Getting married, buying a new home, or getting a promotion means you need to reevaluate your insurance coverage. You may have a spouse or children that you didn’t have when you first purchased life insurance. Your income may have increased along with your housing costs. This may mean your loved ones will need additional resources to pay expenses and ongoing bills if something happens to you.
  4. Even if you don’t have children, coverage is still important. You’re working hard to build your savings. You may also have a home or other assets that you want loved ones to enjoy if something happens to you. Life insurance helps to ensure that you can leave the financial legacy you intended.

 

For more information on the benefits of life insurance, email us at info@bks-partners.com.