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The Importance of Life Insurance

August 22, 2012 marks the day of the Life Insurance Movement, which was started by a friend of mine Jeff Rose, who is like myself a financial planning specialist and life insurance agent. The life insurance movement was started in order to bring awareness to life insurance and the importance of it.

Over the last 20 years or so that I have been in the business, I have helped thousands of families plan for their future and secure their financial success. I have specialized in life insurance for high risk, diabetics, seniors, and estate planning. Though I have helped thousands, there were many scenarios in which I was working with the surviving spouse of a deceased who did not have life insurance.

Grieving the loss of a loved one is hard enough without the added burden of financial stress. Aside from the burial costs and funeral expenses there is much for to consider when you have suffered the loss of your loved one.

Was your loved one the breadwinner or provider for your family? Did they have any debt? Did they go through proper estate planning and have a trust established? Do you have a balance on your mortgage? There are a hundred more questions you need to ask yourself like these. Had these families worked with a financial planner and life insurance specialist they would have already known the answers to these questions and in addition they would have the funds available to pay off all of these expenses.

It was devastating to see a woman who never had a worry about money and her finances desperately try to pull money from various sources to try to pay off her mortgage. Unfortunately, she cashed in her other investment products to pay off the mortgage, so she would not have the monthly stress of trying to come up with the payments, but then was left very little income. I worked with her on her budget and found a way to make it work, but if she would have life insurance none of this would have been a concern.

There are many reasons as to why people need life insurance. Questions that I ask my clients are as follows {ask yourselves these questions to determine your need for coverage}:

- Are you the sole provider of your family – How much income do you bring in?
- What are total liabilities and debts
- Do you have a mortgage? What is the balance? Is it a 30 year loan?
- Do you have money designated for your burial expenses. Or do your parents? Child can purchase a life insurance policy on parents to avoid being financially responsible for these bills if their parents have not yet purchased burial or final expense insurance.
- Do you have children? Is there money for their expenses and higher education?

These questions need to be answered and should be discussed by your family with the guidance of insurance professional or certified financial planner. Hopefully this movement [ and this article ] have brought this matter to your attention. If just one family can protect their loved ones than this was successful!
The greatest gift of all you can give to your family is buying life insurance today to secure your legacy!