September being National Insurance Awareness Month raises some often-ignored but important conversations. Nobody likes to talk about their own death let alone that of a loved one, but talk we must. If this month does nothing but start a conversation about the need for life insurance, great; some action on the subject would be even greater.
Apart from the obvious discomfort of the subject, most people would not know where to start the conversation. Actually a good place to start is to do an audit of what you now have. Did you buy some insurance when you were first married at the advice of your parents? Is that still relevant? If you are divorced and a life insurance policy was part of the settlement, are the terms of the agreement now satisfied? Do you still need it? If you bought insurance for the purpose of replacing your income to a family member, and they are no longer a spouse, or, for the purpose of guaranteeing your children’s college education, have they graduated?
We tend to keep the insurance just because it is a habit to pay that premium. It goes along with our auto insurance, homeowner’s insurance and other fixed payments. So let’s start with an audit of what you are paying for, and see if you really need it. Or do you need a different type of insurance now, something that helps for your estate planning, paying for the costs of long-term medical care, or making sure a survivor has the funds to help with special needs?
Life insurance is a work in progress and goes along with all financial planning needs, the value of the product changes as we age. Let’s make sure you have the right kind, for the right price.
Call us for a free audit of your life insurance portfolio. You never know what you may find.