Published on September 17, 2020
Written by The Servion Financial Advisors Team
Financial planning is all about preparing for life's twists and turns, some of which are joyful and others of which are challenging. With a solid financial plan in place, you can rest easier knowing you're ready for what may come. But while most people understand that financial planning involves retirement savings, college planning and investing, one thing if often forgotten: life insurance.
For most people, a mortgage is one of life’s biggest expenses. If you or were gone tomorrow, could your family afford to keep the home without your income? Life insurance can provide your family with a lump sum of money to pay off mortgage debt, eliminating a potential financial stress at a time when they are dealing with grief.
In 2019, the median cost for a funeral in the U.S. was $7,640. Does you family have the immediate funds to cover that kind of expense? The right life insurance policy can cover these costs, relieving your family of the need to tap into emergency savings, retirement account or being forced to take out a loan at such a difficult time.
Many parents struggle to save enough for the ever-increasing cost of their children’s education. The average tuition and room and board charges were $21,950 in 2019-2020. If you weren’t around, could your spouse alone save enough? Fortunately, you can leave your children the gift of education by factoring educational expenses into your life insurance policy's death benefit.
Life insurance is critical if you have a special needs child or aging parents that depend on your for financial support. Without the resources to provide for their continual care, family members will be forced to take on a stressful and lifelong financial burden. Life insurance proceeds can provide the financial support needed for these special individuals in your life.
September may be National Life Insurance Awareness Month, but you can talk to your financial advisor about insurance any time during the year.
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