September is National Life Insurance Awareness Month
Did you know that today, only 61% of adults have some form of life coverage (just 41% own an individual policy) and that the average insured has a meager three times their annual income in replacement coverage? In fact, less than one in four has adequate coverage for their family or business.
You insure your home, your vehicles, perhaps you have an umbrella liability policy, but what would happen to your loved ones if something happened to YOU?
Do you have sufficient assets set aside to provide for:
Final expenses (funeral, medical bills)?
The balance of your mortgage loan?
Education for your children?
Everyday living expenses for those who survive you?
Your other bills or debts?
Child care for your at-home children?
If the answer to any of the above is "no," you may have a need for life insurance. Contrary to what you may have heard, most people are able to obtain adequate life insurance coverage for an affordable premium.
Contact Chad Nehring, Life Specialist at Valley Insurance Associates, Inc., for information on life insurance coverage such as:
- Term Life Insurance - provides life insurance for a specific period of time (5 to 30 years). As a general rule, premiums are lower for term insurance than for whole life, with the ability to have much more coverage for a lower premium. Rider coverage available for waiver of premium, accelerated death benefit, children or spouse riders.
- Whole Life Insurance - provides life insurance coverage throughout one's entire life, provided premiums are paid. May build cash values depending on the policy. Premiums generally higher than term life; however, a portion of the premium does go to build cash value. Rider coverage available.
- Second to Die Insurance - Popular in estate planning, provides coverage at the death of the second spouse. Proceeds might be used to pay for estate taxes.
- Variable Universal Life - Available through our financial planning affiliate, Conceptual Financial Planning, Inc., provides life insurance coverage with cash values invested in marketable securities.
