Some people don't need life insurance. Do you?

What would the financial loss be to the people you care most about if you died earlier than expected?

-Foundation for Financial Wellness

Video Transcript

Life insurance is not only a financial decision. It’s actually much more of an emotional decision. You’ll literally never see the financial benefit. However, you should feel the benefits of your life insurance coverage each night your head hits the pillow knowing that you’re protecting the people you love most.

Life insurance decisions can start by answering a few important questions, and probably the most important question that you should answer regarding life insurance is the exact question that you’re likely to never hear from the insurance agent. Do you need life insurance? We’re serious here. What makes you believe you need life insurance?

The answer may lie a couple layers deeper. Let’s keep asking and answering a few more questions on this.

What would the financial loss be to the people you care most about if you died earlier than expected?  

How much life insurance would you need to cover that liability?

How would you select the best way to protect from that loss? 

Is it a goal of yours to know that you will leave a certain dollar amount behind after you’re gone, regardless of your net worth?

What type of life insurance fits for you?

The good news is that life insurance is incredibly flexible and is one of the most useful tools in long-term financial planning. But it shouldn’t be a given that everyone has a need to purchase life insurance. If you have a need, then cover it, fully. If you don’t then save those dollars and put them to work elsewhere in your financial plan.

So let’s do a brief assessment to see if any of these apply to you.  And please remember that every situation is different, and the best thing to do is to speak with an experienced financial planner to determine your personal need for life insurance.

OK, now a quick review for you to decide if you have any decisions to make or actions to take.

The real action from this lesson is to get clear on if you have a life insurance need. 

If you do, how much?

And, for how long?

Of course life insurance gets much more complicated as it gets integrated into your financial plan, but this is a great place to start.

As always, don’t forget to take advantage of your private counseling session. It’s included. It’s private, and it’s confidential, and it’s always with one of our Certified Financial Wellness Counselors. To schedule your counseling session, simply click on the “Request Counseling” button.