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  • Life: Top 5 Reasons to Insure Yours

    Life insurance. Have you stopped reading yet? What about financial struggles for those you love? Are you interested now? As a topic, life insurance probably ranks with death and taxes on the fun-o-meter. But, this is Life Insurance Awareness Month.  It’s an important topic because life happens. So, keep reading.

    First, a few facts:

    • Roughly 30 percent of households had no life insurance coverage in 2016.
    • Only 44 percent of all households had individual life insurance in 2016 a 50-year low.
    • Four in ten households with children under 18 say they would be in financial trouble if the primary wage earner died suddenly.
    • Another three in ten would have trouble meeting monthly expenses beyond a few months.

    Here are my top 5 reasons you need life insurance:

    Number 5: You have a family. It’s a no brainer if this is you. If you’re not there to bring home the bacon, they might not starve, but they sure may struggle.

    Number 4: You have debts. If you die, your estate must pay your debts before your family receives anything. Life insurance will cover those debts so your family doesn’t have to.

    Number 3: You rent – don’t have a mortgage, you still pay rent. Who will cover the rent if you’re gone? If you have a life insurance, it’ll be covered.

    Number 2: You have a job. No kids, no mortgage, live at home still with the parents – good reasons to not worry about life insurance, you say. But, what happens if you’re unable able to work long-term? Income protection, another form of life insurance, can help make sure you can afford the lifestyle you’re accustomed to living.

    And, the number 1 reason …  Peace of mind!

     

    Let’s face it, life happens. It throws curveballs, fastballs and wicked knuckleballs at you all the time. Finding even just a little peace can be elusive. Life insurance is a way to make sure you, and your loved ones, will be financially ok no matter what.

     

    In short, you’re paying the insurer for a financial peace of mind.

    Peace!

     

    Reynold Jones is a member of the National Association of Insurance and Financial Advisors – Texas. Reynold advises clients on ways to meet their insurance and financial planning needs.

    Prepared by Lone Rock Strategic Communications