September is National Life Insurance Awareness Month, and since 44 percent of American adults are opting to go without life insurance, according to the 2010 LIMRA Trends in Life Insurance study, it might be time for you to consider why life insurance is such an important policy to have.
Life insurance can be a way to leave money to cover your final expenses or to leave wealth for future generations. In many cases, though, it’s a critical tool to help you provide for your family. For example, if you’re the sole breadwinner in your family, a life insurance policy ensures that, if anything happens to you, your family has the funds and time to recover their footing. That’s especially true if you work in a job or have a hobby that puts you at higher risk for an accident. Or you and your spouse might have a large family that requires two incomes. A life insurance policy prevents a rapid drop in income if something happens to you or your spouse.
What You Can Do
While you’re preparing for the back-to-school routine, take a minute to think about what life insurance can mean to you and your family. To begin, you might want to consider these points:
- Why you need life insurance coverage.
- How to choose a life insurance product.
- How much life insurance coverage you need.
- What it will cost.
Many people mistakenly feel that life insurance is a nonessential part of their financial plan, but it offers mortgage protection, income replacement, final expenses and college funding options. Nationwide makes it easy for you to determine what’s right for you.
Published on Nationwide
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