Life insurance can play a sizable role in your ability to achieve some important financial goals, such as these:
Helping your family maintain its lifestyle — If you are married and have young children at home, you and your spouse may need to work. If you were no longer around and your earnings were gone, could your family still afford to live as they do now? Adequate life insurance can help them preserve their lifestyle.
Helping your survivors pay off debts — Are all your debts paid off? If not, you could be leaving your family on the hook for some of them, such as credit cards and car loans — not to mention your mortgage. Also, as uncomfortable as it may be to consider it, funeral and burial costs can easily run into the thousands. The proceeds of your life insurance policy can help pay down debts, handle your final expenses – and relieve your family of costly burdens.
As we’ve seen, you can accomplish a lot with life insurance. But how much do you need?
If you want the appropriate amount of coverage, you should consider a variety of factors. How much do you earn? How much does your spouse earn? How many children do you have? How old are they? How much do you owe on your home? By answering these and other, similar questions, you can arrive at a coverage level that’s suitable for your needs. Also, keep in mind that those needs will change – for example, if your children are grown and you’ve downsized your living arrangements, you may require less insurance than at earlier times in your life.
Life Insurance Awareness Month is a good time to remind yourself of the importance of insurance and of the need to own the correct amount. So, review your coverage soon — after all, you can’t predict the future, but you can still prepare for it.
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This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Courtesy Edward Jones Investments-Cheryl Rebottaro, AAMS®, CRPC® Financial Advisor- Angie Schieffer, Branch Office Administrator-221 Mt Hermon Rd Ste F Scotts Valley, CA 95066. Tel # 831-461-9311 Email: angela.schieffer@edwardjones.com
Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P., and in California, New Mexico and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.