It’s hard to believe that it’s already that time of year again. Summer is quickly coming to a close, leaves are starting to turn to Fall color and we’re anxiously anticipating cooler weather – Back to School is here!
As your family get back into the swing of things we encourage you to take the time, to assess your current financial situation. Consider how your responsibilities have changed in the past year and how you expect them to change in the coming months.
Assessing Your Needs Today
As you consider your current financial situation, there are a few questions to ask yourself.
- How much debt do you currently have?
- Who are your dependants and how much financial support to they need? How much do you plan to contribute to their education?
- How much do you currently have in retirement savings? Are you on track for retirement?
- Do you currently have any permanent or term life insurance protection? If something should happen to you, will your permanent or term life insurance adequately cover your financial responsibilities?
By answering each of these you will have a grasp on your current financial situation and be able to identify if you have any areas of concern.
Planning for Tomorrow
Now it’s time to put your answers into the context of your long term financial plan. Are you comfortable with your current financial situation or do you feel that you need to reprioritize? One of the most effective ways to close gaps in retirement or tuition savings is to invest in life insurance protection. A permanent or term life insurance policy can provide the financial support your family needs if you are no longer able. Permanent life policies, with cash value, can even be drawn upon when you’re alive and healthy. Term life insurance is a great option for those looking to protect their loved ones, and assets, but cannot currently afford to purchase permanent life coverage.
Not sure how much life insurance you need? We encourage you to use our Life Insurance Calculator or speak with one of our licensed agents. With no obligation to buy, our staff is on hand to answer your questions and help you assess your needs.
There’s no need to dedicate too much of your weekend to this exercise, but it will benefit you for years to come if you set aside a bit of time. So, before you light the grill or sit down to watch the game; run through these questions and ensure that your financial plan is on the right path.
Have questions? We encourage you to follow our Life Insurance Blog, here we will be covering the topics that affect you and your family. From life insurance riders to term life insurance benefits; we’re addressing your questions. While you’re here, read these recent, popular posts:
How Much Life Insurance Do You Really Need?
Why Life Insurance Might be Cheaper than You Think
Ready to compare permanent or term life insurance rates? Request a quote today!