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Are You Insured?

Provided by Summit Financial Advisors
Too many Americans have no life insurance. Their loved ones may pay dearly for that choice. September is National Life Insurance Awareness Month – a good time to think about the value and importance of insuring yourself.According to a recent Bankrate survey, 42% of Americans have no life insurance at all. They may not know that life insurance coverage has become much more affordable than it once was.1Many people ask if life insurance is really worth the cost; maybe you are among them. The simple answer to that question is yes. It can be stunningly cheap: a healthy, non-smoking man in his thirties may pay less than $45 a month for a $1 million 20-year term policy. Permanent life insurance costs more than term life insurance, but permanent life policies can build cash value over time; term policies cannot.2Life insurance is about managing risk, and if other people rely on you financially, you need to have it in place in case your passing puts them at financial risk. When a spouse or parent dies, there are financial matters to address: a sudden lack of income for a household, bills and mortgages or rent to pay, final expenses such as funeral or cremation costs, and the cost of children’s education. Without adequate life insurance coverage, a household is hard-pressed to meet these immediate, financially draining challenges.Many growing families have inadequate life insurance coverage. The Bankrate survey discovered that 37% of parents with children under age 18 had no policy at all. Some younger families find coverage through group plans, but perhaps not enough: 32% of the survey respondents raising minor children said that the death benefits on their life insurance contracts were $100,000 or less.1The problem of inadequate coverage seems to plague households of all ages. A five-figure life insurance payout can pay for a funeral, but it will not offer much economic insulation to a family after a wage earner dies. Bankrate found that 47% of the Americans who have life insurance have policies with coverage amounts of $100,000 or lower. Twenty-one percent of Americans have policies with death benefits of $25,000 or lower.1How much coverage is adequate for you? Ideally, you should determine that with the help of an insurance professional. As a rough rule of thumb, the death benefit on a policy should be about 15 times your income. If you are considering a term life policy, the term should not end before your envisioned retirement age.2Life insurance can also be valuable while you are alive. A policy with cash value components may grow over time. After a while, you may be able to borrow against the cash value. Sometimes the payout amount on these types of policies can be adjusted as well as the size of the premiums. Of course, you must keep paying the premiums to keep any kind of permanent life or term life policy in force.3While you may decide you prefer one kind of policy over another, the important thing is to have coverage in place – not just to reassure yourself, but those you love. Life insurance can help a spouse or a family maintain financial equilibrium at a time when it is most needed.Summit Financial Advisors may be reached at 608.243.5000, Ext. 4012 or www.SummitCreditUnion.com.Citations.
1 - bankrate.com/finance/insurance/money-pulse-0715.aspx [7/8/15]
2 - forbes.com/sites/timmaurer/2016/01/05/10-things-you-absolutely-need-to-know-about-life-insurance/ [1/5/16]
3 - nerdwallet.com/blog/insurance/should-you-consider-cash-value-life-insurance/ [5/6/15] The financial professionals at Summit Financial Advisors are financial advisors with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member / ). Insurance products are offered through LPL or its licensed affiliates. Summit Credit Union and Summit Financial Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Summit Financial Advisors and may also be employees of Summit Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Summit Credit Union or Summit Financial Advisors. Securities and insurance offered through LPL, or its affiliates are: Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations May Lose Value The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state. Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a
conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit for more detailed information. You might also be interested in Have you considered investing? If you're already really good at saving, the next smart step is to put your money somewhere it can really grow. Yep, that... Provided by What is a rollover and why should I consider it? A rollover is a transfer of your money from one retirement account to another, preserving... Provided by Summit Financial Advisors Some specifics about the “second act.” Does your vision of retirement align with the facts? Here are some noteworthy... Whether you’re looking to save, spend or invest, Summit financial coaches are here to help. See what you could accomplish with a little extra support from... There’s no time like the present to start financial planning for your future. Give yourself peace of mind with these financing tips for saving and investing... September is National Life Insurance Awareness Month – a good time to think about the value and importance of insuring yourself...
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