September is Life Insurance Awareness Month – an industry-wide education campaign to encourage awareness and the importance of Life Insurance. During this month, Catholic Financial Life and other insurance providers focus on raising awareness about the importance of having life insurance protection.
Life insurance has great value to anyone, whether you’re married, single, retired, a growing family, or a small business owner. The proceeds can help with the many financial needs a family may having including:
- Paying bills
- Education for children
- Retirement plan protection
- Future financial obligations
Knowing if you need life insurance means you need to think of a worst-case scenario, meaning think of what would happen if you died today and how that could affect your family financially. Life insurance helps to ensure that your loved ones are protected and provided for even after you’re gone.
Another point to consider is how much life insurance you need. First you must determine how much money your family will need after your death for immediate expenses, and how much money your family will need to continue their standard living. To help determine these amounts, here are some useful tools.
- From the LIFE Foundation
- From Catholic Financial Life
These tools are just stepping-stones to give you an idea for how much life insurance you may need. It is important to consult with a professional insurance advisor to help determine other factors that need to be considered before you purchase life insurance. Take the time with the life insurance professional to carefully assess your needs and cover all your options before choosing a plan.