Life insurance awareness month
CREATED Sep. 29, 2012
MILWAUKEE - September is Life Insurance Awareness Month.
Now would be a good time to review the coverage you have, become educated about what you need, and take action to be sure that you and your loved ones are properly covered.
Some important questions to ask during a review include:
- How much is needed to cover debts, replace income, provide for special needs, and cover final expenses?
- What type of coverage is in force and how will it be paid upon death? Some plans may only pay out if the death occurs as a result of an accident or a specific health condition.
- How long will this coverage be needed, and what is the best type of coverage to buy for your particular situation?
If you have life insurance at work, ask questions about what happens to this coverage if you leave employment.
Many people assume that because they have life insurance at work, they are set, but this may not be true.
In many cases, this coverage ends upon termination of employment, or it may be quite costly to convert it to an individual policy.
If you are not healthy, you may have difficulty purchasing it from another source.
Also keep in mind, it is important to buy life insurance while you are young and healthy.
The older or less healthy you are, the higher the premiums are likely to be. Some health conditions may even prevent you from obtaining coverage.
Although you may have coverage at work, it is also a good idea to review your needs with a life insurance or benefits professional on a regular basis.
They can help you assess the amount and type of coverage that you may need now and for the future.
For more information about life insurance visit www.lifehappens.org.