12. Life Insurance

Life Insurance Awareness Month

Over the past several years, Life Happens has deemed the month of September as “Life Insurance Awareness Month.” Although every month here at Starke Agency seems like one big celebration of life insurance (or any type of insurance, for that matter), it is refreshing to see an organization take time to promote the importance of families having financial stability, in the case of death.

While preparing for death may seem a bit unpleasant, consider the end result, should something happen: Would your family be able to cover your burial expenses? Would your children’s education be covered? Would your spouse or other family members be left to struggle and sort through bills and debt, all while grieving the loss of a loved one? Shockingly, statistics show that 95 million Americans do not have any type of life insurance, and 40% of adults in the U.S. who do have coverage feel they do not have enough.

If you’re currently contemplating if you should get life insurance or add additional coverage to your policy, the answer is probably “Yes.” Read below for four facts we think everyone should be aware of when it comes to getting insured.

1. Now is the time. The younger you are, the cheaper your premiums will be. Another thing to note: If you were to fall victim to a health issue before you were able to get covered, it might cause your premiums to escalate or exclude you from coverage all together.

2. Review often. As your life evolves, so will your life insurance needs. Marriage, divorce and children are just a few scenarios that could potentially shake up your policy, so make sure you’re reviewing your benefits and updating as necessary. Side note: Many older policies with cash values were based on the life expectancy age of 72, so check for lower premiums with higher death benefits.

3. Start thinking about your estate planning needs. If you’re wanting to leave behind an inheritance for your heirs, life insurance is a perfect way to do so. Also, it can come in handy when paying estate taxes.

4. You can’t always count on your employers insurance alone. Many employers offer between one and three years’ salary as a death benefit, but for most families, that’s just not enough. We suggest you think about additionally purchasing your own policy and consider your employers offerings as icing on the cake.

Because we know insurance can be a little confusing to those who do not have a familiarity with it, the myStarke agents are here to guide you through the process of finding the right coverage that will serve as a safety net for your family.