Life insurance. Just how much do you know about it? I thought I knew a lot simply because I’ve carried it for 30 years, but after watching the Genworth Financial video below called Getting Knowledgeable on Life Insurance, I realized that I have a lot more to learn. Why bother? Because learning the differences and buying the right type and amount of insurance for my family can save me money now while still making sure they’re provided for should I leave this earth first.
What I found disturbing were the statistics the video shared. For example, 42% of American household’s with an annual income of $50-$250K don’t have a life insurance policy. That number stuns me. In our home insurance comes before entertainment, gifts, and other extras. I thought most families felt the same way.
GenworthFinancialTV: Getting Knowledgeable on Life Insurance
Save Money By Buying What Your Family Needs
But what about those of us who do have policies? It turns out most of us haven’t checked our policies in some time and it’s likely we haven’t verified that our policy is still providing the coverage we need. In fact, we fall into that category. It’s not that our insurance agent hasn’t tried, but we’ve avoided sitting down and looking at what coverage we have. It’s very likely we should be dropping down our coverage because we no longer have small children in the home that need to be cared for if one of us should die.
Thankfully Genworth offers an online Life Insurance Calculator and Life Insurance Budget Calculator so you can check the average amount needed based on your age and lifestyle and you can see how it can fit into your budget. The best part is you can do it from the convenience of your own home. I’ll be making an appointment with my husband to do that soon. We’re looking at making sure he can retire in a few years and the choices we make now can determine when retirement is possible. We need to know our costs going forward and planning for our life insurance is just one piece of that.
Life Insurance Series
- Last Month: Money: What Is Life Insurance? An Overview and Conversation Starter
- Next month: Types of Life Insurance