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Refreshing Insights

It’s critical that the dreams you make and goals you set in 2015 are financially secure. New Year plans and certain life events require a second look at your life insurance protection; here are four life-changing events that would fit into this category:

1. Getting married: There are two of you now. A new spouse means that both of you should consider economical ways to protect each other's future if one of you were to die prematurely. Term life insurance is often a simple and cost-effective way to ensure a surviving spouse can pay bills or pursue her/his dreams.

2. Having a baby: Protecting a child's future is one of the first considerations new parents make. Whole or permanent life insurance can help pay for the family/child expenses if a parent dies prematurely. In addition, cash accumulation options can help pay for future college expenses. Also, consider a whole life youth policy that can provide life insurance coverage for children. When they are young and healthy, premiums are more affordable. And, an illness later in their life could make insurance coverage hard to get.

3. Buying a new home: Whether buying your first home, a larger second home, or building your dream house, make sure your life insurance will cover added expenses of higher mortgage payments, or possibly pay off that mortgage, if something were to happen to you or the primary income earner in the family.

4. Getting a new job: Any change in income is a good reason to re-evaluate your life insurance coverage. Life insurance helps a family meet expenses such as mortgage payments and childcare while the surviving spouse gets back on her/his feet. Based on the income you rely on, make sure you have enough life insurance to protect that income in the event one spouse dies prematurely.

LIMRA reports that one in three U.S. households have no life insurance at all. For those that do, they only own enough on average to replace household income to pay expenses for 3.5 years. The recommended industry rule of thumb starts at twice that from 7-10 years.1

Contact us today to learn more about our life insurance options and how we can help protect you and your family as well as ensure your financial well-being.


Source(s): New Year Finances: Four Life Changers that Affect Your Life Insurance

1LIMRA, Trillion Dollar Baby - Growing Up, 2011

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A collection of articles from the McClone team with the helpful knowledge and insights to ensure your organization is well protected.