It’s probably not on your calendar, but September is Life Insurance Awareness Month. Are you aware of the benefits of owning life insurance?
First, consider the risks of not having it. If something were to happen to you, could your family remain in their house? Could your children continue their plans for higher education? Who would pay any outstanding debts you have?
A sufficient life insurance death benefit could meet all those needs. Yet, many people put off buying insurance because they don’t know how much they need or what type to buy.
To determine the proper amount of coverage, you’ll need to consider a variety of factors: your income, your spouse’s income, the size of your mortgage, and so on.
As for the right policy, you can essentially choose between two types: term and permanent. Term insurance, which is typically less expensive, provides coverage for a certain number of years and only offers a death benefit. Permanent insurance can last a lifetime and offers the opportunity to build cash value but is generally more expensive.
Take the time to learn more about insurance and how it can help protect your family. And the sooner you start, the better.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.