Ever Wonder What Your Family Would Do Without You?

Have you ever caught yourself wondering what life would be like for your family if you were suddenly out of the picture?  Hopefully the Grim Reaper is not standing on your front porch waiting to ring your doorbell; it's too early for trick-or-treating (otherwise Mr. Reaper would be much less threatening).  And let's face it—we've all got a lot more life to live!!

This is not meant to be a morbid, scare-tactic-laden rant about how you need to "protect your family from the unknown!"  But, September is National Life Insurance month, and Life Insurance is important.  If you've just rolled your eyes and moved your cursor the the big X in the upper right corner, hold on a second....

Are you confident your family would be able to continue enjoying the quality of life they are used to if you were no longer around to provide financially for them?  If you dropped dead last Friday, could your spouse (or parents) pay the mortgage, pay off your student loans, buy your 16-year-old their first car, go school clothes shopping, pay for your kid's sports teams/dance/theater/whatever they do for fun, or make sure they have the opportunity to go to college?

Most people would say "yes" just to stop the conversation because they don't want to think about that scenario.  The scary reality is that most families undergo serious financial changes after the unexpected death of a parent, many of which include having to sell the house.  Keep in mind that statistics show the average person needs life insurance coverage equal to 7-10 times their annual salary.

Many of us live with the mentality of "it won't happen to me."  I sure hope that's true, but this stuff has to happen to someone.  One reason I decided to write about Life Insurance is due to the phone calls we've received in the office THIS WEEK. 
- 35-year-old, died of a heart attack.
- 51-year-old, cause of death unknown
- 60-year-old, cancer

There are hundreds of reasons that support the purchase of Life Insurance.  What reason resonates loudest with you? I'm not sure.  Providing for your family, pay for a funeral ($12,000 avg cost), donate to your church/charity, pay off your debts, protect assets from taxes...  Whatever it is, please take the time to look into Life Insurance for yourself—the people that matter most to you will be more appreciative than you know.

A couple things to keep in mind about life insurance....
- "I have it through work" can get you into trouble.  While it's nice to have through work, what happens when your employer cuts the benefit? A personally owned life policy can avoid searching for coverage 10 years from now when you change jobs/lose your benefit, etc.

- "It's too expensive" or "It's a waste of money."  Look in your pockets/couch/cupholders—do you see a couple of quarters?  Most people qualify for life insurance plans that cost 50-75 cents a day.  You pay more for the French vanilla cream on your Latte.

Talk to your agent, a friend, anyone about Life Insurance—your loved ones are counting on you.