This week has two important days to recognize. Today is the last day of September which indicates it is the last day of Life Insurance Awareness Month. Tomorrow is the first day of a new month. Both days trigger action steps that are necessary towards reaching your financial goals. Alleviating the possibility of financial devastation as well as creating a stable financial structure for your family are steps you must decide to take now rather than later.
During the month of September, the importance of having life insurance for you and your family was strongly emphasized. If something happens to the breadwinner of a family, what will happen to the remaining loved ones? Leaving the remaining loved ones to figure out how to maintain their lifestyle can be considered a very selfish act on the breadwinner’s behalf. If the breadwinner has provided for the family thus far, why would the breadwinner not continue to provide for the family upon his/her passing? Having life insurance in place is needed to ensure that the remaining loved ones can continue living without the stress of financial burdens that are to come if the unexpected happens.
Also, this month there was discussion on the different types of life insurance. Group insurance is the most common type of insurance as most employers offer this as part of a benefit package to their employees. Examples were shared to specify that having group insurance may not provide sufficient coverage to help avoid financial devastation. Because the amount of coverage provided by the group insurance may be limiting, consideration towards purchasing additional coverage through an individual plan may be necessary. There is not a one type fits all approach to purchasing individual life insurance. There are several factors to consider when evaluating the need for each family. Using the D.I.M.E. Method is one way to help determine how much life insurance coverage is needed for your family. With this method, you may determine that your group coverage falls short and in fact does not cover all of the needs for your family. Having a term or a whole life plan in addition to your group coverage may be necessary to help your family with the stressful financial burdens.
Tomorrow starts a brand new month. It is a time to reflect on your current financial situation and decide what changes are needed. So many people delay purchasing additional life insurance coverage because other things take precedence. Take this time to think about what could be more important than providing for your family. What could be more important than to ensure your family does not fall upon financial devastation in the event of the unexpected? With this new month, start putting the more important things first. Your family should definitely be considered important and they should without a doubt be at the very top of your priority list.
In your lifestyle plan for the new month, look for ways to reduce unnecessary expenses. You may find many items that can be replaced on the old priority list to create a new list that includes protection for your family. Surely, the daily morning coffee at the well known establishment can be replaced for your family, right? Take the time to review your past expenses and find ways to re-direct the spending for the new month. Making the necessary changes to provide for your family will be well worth your efforts in the event of the unexpected.
If you need help creating or adjusting your lifestyle plan to reflect your family’s needs as a priority, contact me for help at 704-626-7484.
Increasing Financial Awareness and Building Financial Stability