Getting More Comfortable With Life Insurance
September marks the beginning of life insurance awareness month. Life insurance is one of the most important products that you can have in your financial model. When adding life insurance to someone’s financial plan, we are able to optimize their financial potential and provideconfidence knowing they are protected. Many people still have a lot of misconceptions about life insurance and when and why it’s needed. Here’s what you need to know about life insurance to get more comfortable:
It shouldn’t be an either or.
Life insurance plays an important role in people’s lives. When we add life insurance, we give people the potential to have more flexibility, control, security, and confidence throughout their lifetime. Life insurance can also add a lot of value to other products you may have already purchased. It should not be a “one or the other” type of situation. By looking at your entire financial picture, you may find that buying a certain life insurance product can help you fix other issues in your financial world.
Understand how your life insurance product works.
Make sure you understand how your product works. You may find that there are numerous products that can help you to fix a certain issue you may be having, while offering you the protection that you need. Your financial professional should be very transparent about what type of product you are buying. Life insurance should add value to your entire financial picture, not just in the form of protection, but also by recapturing costs, eliminating waste and giving you valuable access to capital when you need it most.
Insure for your entire value.
Think of the word insurance. Insurance means that you are replacing the value of the asset that you are insuring. You’re buying protection that is going to replace the value of that asset. If something horrible were to happen to you or your partner, your life insurance should cover your entire value, not just a certain amount. Make sure your family has the life that they otherwise would have, if not faced with tragedy.
Regardless of what stage of life you’re in, life insurance is still Important.
This is something that many people don’t realize. You’ve worked so hard throughout your life to accumulate assets, so when you get to retirement you should be able to spend and enjoy your wealth. When you have asset insurance, it gives you more freedom to be able to make more powerful decisions with regards to how you live out the later years of your life. Life insurance makes every stage of your life work better.
Life insurance is very powerful regardless of what stage of life you are in. Talk to your Leap professional to make sure that you and your family have the best protection for your financial future.
"The opinions expressed are those of the author and do not necessarily represent Penn Mutual or any of its other affiliates. LEAP® and Financial Stories are trademarks and service marks of Leap Systems, LLC which is an independent affiliate of Penn Mutual Life Insurance Company (PML). Trademarks belong to their respective owners. It is important to note that the implementation of any strategies provided as a part of LEAP are designed to aid one in reaching their financial goals, but no assurance can be made that these goals will in fact be reached. Individual results may vary. For information purposes only -- the opinions expressed are those of the author only. Talk to a licensed professional about your specific situation "