Why Include Life Insurance In Your Financial Plan?

Your Financial Plan may include benefits of your work, real estate, savings, and investments, or even lottery winnings for a comfortable retirement.

However.

Things don’t always work out how we planned.  Not everyone is going to win a lottery.  In this Covid-19 created recession of 2020, our economy, jobs, activities, health, families, have all been compromised in some way.  Death can come to anyone at any time, as a great disruptor. What is our back up plan for the new year 2021?

Financial Plans have always included some components of Life Insurance, your best financial backup plan. It is protection for those people who depend on you, as a wage earner, head of a family unit, or even homemaker. Those with no family may also consider indirect family relatives or even charitable organizations that you trust and admire, and you want to help them in their community work.

Your family may need some assistance in your funeral costs; to pay off short or long-term loans such as credit cards, car loans, or mortgages; future educational expenses for children or grandchildren; or even just to replace your income to the surviving family members. Life Insurance can help you achieve all these goals if something happens to prevent you from doing so.

2020 has taught us that we must be prudent with our investments, that we must take care of ourselves, as things can change so quickly.  Service workers have lost their jobs due to workplace closings. Small business owners have watched government closures or heavy restrictions on their business.  The cost of staying open has exceeded business incomes for many, as people have been staying home to keep save.

With reduced incomes, people are carefully reviewing their expenses and cutting back where they can. If one of these expensed is life insurance, it should be considered basic, and should not be a part of a household budget cut.

Consider speaking with a Financial Planner, or Life Insurance Agent, who can review your life insurance plan as part of your total Financial Plan.  Some experts say to review your life insurance plan every year.  More basic plans can be reviewed every 5-10 years.  Most experts agree that a review should be done after life-changing events.   Certainly, 2020 has shown us some life-changing events.

Life Insurance plans must change and update with your life events.  There are many types of life insurance products that are designed for different purposes.  Some have investment features, some have short term purposes, and some may have future tax considerations.  Knowing how much of which product to purchase at what time can be confusing to co-ordinate with your budget.

Consider that comparing insurance products by price is not the best way to find your best product.  Review your needs and consider both your short and long term goals with someone who can match up these needs with the correct life insurance product or products for you. Contact AMC Insurance and bring along your needs for your review to our licensed life insurance agents.

 

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