Broker Check

Is it time for YOU to get Life Insurance?

September 04, 2018

Labor Day weekend is often the signal to the end of summer, though here in the Napa Valley it seems like fall arrived a few weeks ago.  I suspect we will get some more hot days, so don’t put the barbeques away just yet.

September is also Life Insurance Awareness month.  I am not sure if that was a collective YIPPEE or GROAN?  Before you press delete, I want to tell you that there are people who are thrilled with life insurance. It brings a tear to their eye and sometimes relief.  Of course, you know I am talking about the beneficiaries, those left behind.  I have seen life insurance pay-off final medical expenses, provide a memorial event to gather family, and establish savings for future events like college and retirement.

Why should we face our mortality and buy life insurance now instead of five years from now?

1.       Age is a factor in life insurance, and as each year passes it becomes more expensive.

2.       Health is another factor.  I thought I had remnants of pneumonia, another friend was experiencing balance issues.  Chronic diseases do not announce themselves in advance, but can eliminate the opportunity to buy life insurance.

3.       There will never be the perfect moment to take care of life’s important but not necessarily urgent tasks.  Life insurance, trusts or wills, income protection, even taxes: if time is devoted to taking care of these in advance, then the inevitable will be a better experience.

Life Insurance Awareness month is not only a reminder to those who don’t have coverage.  September reminds us to check out the life insurance we do have.

1.       Is the death benefit sufficient?  Perhaps you have taken on new debt or other obligations.

2.       Are the beneficiaries still correct?  Sometimes we start a policy when the children are young, and so we set a responsible adult to take care of things after our passing.  Time marches on and you now have a child who is 32 and has children of her own (not mentioning anyone in particular, but how did that happen?!).

3.       Beneficiaries move.  Is the contact information correct if the insurance company has to go searching?

4.       If you established a policy with cash value, is the balance keeping pace with your goals?

So while you are waiting for the barbeque to warm up, take a few minutes and dig out old policies for a review or stop to consider why you should have life insurance.  If, like me, you spent the weekend with family, I was reminded of those I care to prepare for.  If you are wondering about the cost, let’s have a quick discussion and we can provide sound ideas about the kind of life insurance and the correct death benefit.  We promise to get you back to the fun stuff as soon as possible knowing you’ve provided for your loved ones.