If there is one thing the recession (and all the twists and turns that followed subsequent economic) taught us, it is the value to be proactive when it comes to our future. While you may not be able to control what happens in Washington, DC, and on Wall Street, you can take charge of your personal finances, making 
the old saying "ignorance is bliss" was replaced with "knowledge is power", as the Americans recalculate budgets across households, review mortgage rates and credit card fees and look for ways to save at the gas pump and grocery store. and in September, which is life insurance awareness Month, you have another way to get the most out of your money and protect your future :. by assessing your life insurance coverage
But, to use another aphorism, "you can lead a horse to water, you can not make him drink. "While life or your insurance agent can tell you about the importance of life insurance, you can buy it. Unfortunately, the reasons for not buying a policy, or not to increase coverage current to meet future needs, are often based on fallacies and misinformation.
How do you know about life insurance? Read the following instructions to check your insurance IQ. Consider this life insurance 101:
I'm single, so I do not need life insurance Even singles can leave behind others who depend :. children, aging parents , or even a friend or relative who is dependent on them for financial support. Having a policy in place that will take care of them once you are gone is the last act of love you can give.
I'm covered through work. This should be enough. May be. Or maybe not. The only way you will know if the coverage is adequate is by using tools such as life insurance LIFE Calculator needs. But keep in mind that, depending on how it is written, the policy may end when your employment ends. Wear an individual policy gives you coverage and additional control, no matter what happens with your work situation.
I'm too young to worry about life insurance. In fact, there are several reasons why you should buy a policy when you are young. On one hand, the purchase of a life insurance coverage while you're young and healthy means that your premiums will be relatively low. In addition, while the young like to think they are immune against health problems and adverse life events, accidents and illnesses can occur at any age. Having a policy in place guarantees your insurability.
Life insurance is too expensive. How do you think it costs? There are opportunities, whatever you think is probably much more than reality. According to LIMRA and LIFE Insurance Barometer Study 2012 80% of consumers were unable to correctly estimate the real cost of life insurance. Most greatly overestimated her, for example, that the best available annual rate of 20, $ 250,000, political life in term for good health 30 years have a median cost of $ 400 believe prices. (Good answer $ 150 ?!) Before you decide you "can not afford insurance," be sure you know what is the real cost - and the cost of not being insured could be for you and your family
"term." "Perm." "Riders and options." it's too complicated to understand. Anyone who has tried to navigate through the pages of legal documentation and contracts may be forgiven for thinking that this is all designed to make you feel badly informed, educated and outdated.
Fortunately, we need not let lack of knowledge stand in your way to make an intelligent decision. Start by visiting online resources such as the LIFE website where you will find easy to understand information and tools. Then schedule a sit-down with your professional financial adviser or insurance, or if you do not have it, you can find one here. Take a list of questions and scenarios. For example, if you:
- quit your job and start your own business
- have another child
- take responsibility for an aging parent
- find that you have a terminal illness?
sharing your concerns and plans with your advisor is an important part of the evaluation process. This allows him to give you the best recommendations for the type and amount of coverage that will meet current and future needs decisions.
Awareness Life Insurance Using a month to increase your understanding of what life insurance can do for you and your family. And then do it!
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