September is Life Insurance Awareness Month. And “awareness” is an appropriate designation, because many people remain unaware of the many ways in which life insurance can help families meet their key financial goals. Here are three of the biggest of these objectives, as seen through the eyes of a hypothetical couple, Jim and Joan:
Clearly, a life insurance policy could allow Jim or Joan to continue on with life, despite, of course, the devastating emotional loss of a partner. But how much insurance should they own? You might read that most people need a death benefit of seven to 10 times their annual income. This might be a good starting point, but everyone’s situation is different. You should consider all factors – including liabilities, income replacement, final expenses and education – to get an accurate picture of how much insurance is appropriate. A financial professional can help you with this calculation.
During Life Insurance Awareness Month, take some to time review your insurance situation. You may already have some life insurance, but it’s a good idea to review your coverage to make certain the amount and type of insurance is still appropriate for your needs. As we’ve seen, the right coverage can make a huge difference in the lives of your loved ones.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.