Raise your ‘awareness’ when it comes to life insurance - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Raise your ‘awareness’ when it comes to life insurance

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Tuesday, September 11, 2012 2:49 pm

September is Life Insurance Awareness Month. And when you consider the lifetime of benefits you and your family may receive from life insurance, you might agree that a month isn’t too long to spend on this important part of your overall financial picture.

Unfortunately, too many Americans are uninsured or under-insured. In fact, nearly a third of all consumers think they need more life insurance, according to the 2012 Insurance Barometer Study, published by the nonprofit LIFE Foundation and LIMRA, a research and consulting organization that specializes in insurance and financial services. And it appears that one of the main reasons so many people lack sufficient life insurance is their perception that they can’t afford it.

Yet, the cost for basic term life insurance has fallen by about 50 percent over the past 10 years, according to the LIFE Foundation.

The cost — financial, emotional and psychological — of not having adequate life insurance certainly outweighs the expense of carrying the proper coverage. You’ll hear about many things that are designed to “last a lifetime,” but in the case of life insurance, that expression is appropriate. Consider the various times in which you should look at the need for life insurance:

When you’re married — many married couples assume they won’t need life insurance until they have children. But if you or your spouse died, would the surviving spouse’s income be sufficient to pay off the mortgage, or even the rent? How about credit card balances, car loans or student loans?

When you’re married…with young kids — now, in addition to having to pay off the mortgage if anything should happen to you, your surviving spouse will have to find the money to educate your children — and that’s a big challenge, given the rapidly escalating expenses associated with college. But with sufficient life insurance in place, your spouse can deal with the high costs of higher education.

Furthermore, if you have permanent life insurance, such as whole life or universal life, you have the potential to build cash value, which you may be able to tap to help pay for college — while you’re still alive (keep in mind, though, that using some of your cash value could lower your policy’s death benefit).

When your children are grown, even with your children grown and gone, you can benefit from life insurance. For example, if your spouse outlives you by a decade or more, will he or she have enough money to enjoy a comfortable lifestyle?

When you’re retired, your need for life insurance doesn’t retire when you do. For one thing, you may be able to access the cash value of your permanent insurance to help meet your retirement expenses (keep in mind this may affect your death benefit). And your policy’s death benefit could help your children or other heirs deal with estate taxes, if any exist.

Furthermore, if you’d like to be able to pass on something to your children or grandchildren, life insurance may be an ideal vehicle, because the proceeds are typically income tax free and can avoid the time-consuming process of probate.

Life insurance can offer a lifetime of benefits, so make sure you get the coverage you need.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Kim DeVoss, CFP. Reach her at (480) 785-4751 or Kim.DeVoss@edwardjones.com.

More about

More about

More about

  • Discuss

Craft brew created in honor of fallen Granite Mountain Hotshots

GILBERT, Ariz. - Arizona Wilderness Brewing Company in Gilbert unveiled a new craft brew in honor of the Granite Mountain Hotshots. It's calle…

Published: July 1, 2016 - 12:02 am @ http://www.12news.com/news/local/valley/craft-brew…

Judge orders ‘filthy’ Arizona immigration detention centers photos released [VIDEO]

Get short URL A federal judge in Tucson, Arizona, approved the release of some photos and documents filed as evidence in a class action lawsui…

Published: July 1, 2016 - 12:02 am @ https://www.rt.com/usa/349082-photos-filthy-arizon…

Attorney General Lynch Shields Clinton From Email Investigation

The Department of Justice filed a formal notice Wednesday to U.S. District Court Judge Rudolph Contreras, advising him that the State Departme…

Published: June 30, 2016 - 11:19 pm @ http://dennismichaellynch.com/highlight-one/attorn…

Bill Clinton up to his old tricks in meeting with Loretta Lynch

Bill Clinton reminded America what the future will look like if Hillary Clinton — his wife and enabler — is elected president of the United St…

Published: June 30, 2016 - 11:20 pm @ http://www.chicagotribune.com/news/columnists/kass…

New surveillance photos, video of suspects in smoke shop shootout

PEORIA, AZ (KPHO/KTVK) - Police have released new photos and video of the two men behind an armed robbery and shootout at a Peoria smoke shop,…

Published: June 30, 2016 - 11:19 pm @ http://www.cbs5az.com/story/32351610/new-surveilla…

Dogs banned from all Phoenix mountain hiking trails on 100+-degree days

PHOENIX - The City of Phoenix Parks and Recreation Board on Thursday night decided that beginning immediately they are restricting dogs from m…

Published: June 30, 2016 - 11:01 pm @ http://www.12news.com/news/local/valley/dogs-banne…

Phoenix proposal to ban hiking during extreme heat denied, ban of dogs is approved over 100 degrees

PHOENIX - The City of Phoenix Parks and Recreation Board approved a ban of dogs on city hiking trails when temperatures are over 100 degrees. …

Published: June 30, 2016 - 10:31 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

Arizona Catholic Conference Bishops’ statement opposing the legalization of recreational marijuana

The Bishops of the Arizona Catholic Conference oppose the campaign to legalize the recreational use of marijuana in Arizona because it is harm…

Published: June 30, 2016 - 10:01 pm @ http://www.catholicsun.org/2016/06/30/acc-marijuana/

Mel Mecinas of Four Seasons Resort Scottsdale Shares His Spot For Authentic Oaxacan Cuisine

Lauren Saria A A From now until we publish the 2016 edition of Best of Phoenix, New Times is naming 100 Tastemakers — members of our local cul…

Published: June 30, 2016 - 9:49 pm @ http://www.phoenixnewtimes.com/restaurants/mel-mec…

Coronado Brewing Company Says Cheers to 20 Years of Award-Winning Beers

(San Diego, CA) – Coronado Brewing Company is celebrating 20 years of defining the West Coast craft beer movement. What began as a dream to op…

Published: June 30, 2016 - 9:50 pm @ http://thefullpint.com/beer-news/coronado-brewing-…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…