Getting Your Finances in Order: The Whole Picture
For most families, sorting out your finances is an ongoing process. I wanted take the opportunity during Life Insurance Awareness Month to let you know crucial it is that you include life insurance as part of your overall financial planning.
Most of us don’t think about life insurance every day. Okay, we here at WoodmenLife do. That’s because we see the effects of life insurance day in and day out. We see both the incredible support it can provide for families and the devastating effects of not being prepared. At our recent National Convention, we shared just a few of these stories, and I encourage you to take the time to view these incredibly touching personal accounts.
As we’ve seen from the recent devastating effects of Hurricane Harvey, it’s impossible to predict the drastic turns life can take. None of like to think about death, but the financial impact can be devastating. It’s not just paying for a funeral. It’s also losing an entire income, and still having to pay bills including the mortgage and possibly medical costs. It’s helping your kids pay for college when the plan you had has been turned upside down.
Too many times, I’ve seen families negatively impacted because they put off getting life insurance and I want to help you avoid that. So there’s a few reasons that incorporating life insurance into your financial plan now will help you in the long run:
- You may think you’re covered, but the truth is if you’re relying on the life insurance your employer provides, it’s probably not enough. And you usually can’t take it with you if you change employers.
- It costs less than you think. Most people can cover their families for an affordable amount of money.
- The sooner, the better. In general, rates tend to be higher with increased age and declining health. In some cases, major medical conditions can make it difficult to obtain coverage, so it’s important to have life insurance in place.
The first step to getting started is figuring out how much life insurance you need. Many things affect this, including whether you have children, whether you are married, whether one or both spouses work, debts, and more.