Historically, life insurance has been considered a basic financial product that everyone needs. For many individuals, it was the first product purchased when starting a family and many advisors would insist on adequate coverage before helping clients invest.
In the last 20 years, consumer opinions about life insurance have changed. Longer life expectancies may have contributed to a lower sense of immediate need. Many consumers may have felt secure with their high home values and high stock values in their retirement plans or other investments.
But over the past several years, the economy has taken a historical turn. Jobs have been lost and employers have cut benefits while home values declined and our investments have been negatively impacted. As a result, many people are taking a closer look at what will be left for their loved once if/when they are to die. Life insurance premiums are one of the few areas where costs have not significantly increased in recent years.
Tough economic times call for everyone to re-examine the amount and type of life insurance coverage they have. If you do not have life insurance there is no better time than now to start looking. If you already have a policy in place asks yourself a few questions:
- What has changed in my life since I purchased my policy? Have you experienced a marriage, divorce, birth of a child, increased earnings or decrease in home value?
- Do I have enough coverage to provide for my family’s needs? $100k does not provide what it would have 10 or 20 years ago.
- If you have a permanent policy (Universal or whole life) has my policy maintained value?
If the answers to any of these questions get you to thinking and maybe even worrying that your coverage is not sufficient, let us know and we would be happy to review your coverage and offer solutions that can help provide the best coverage for your family. Give our office a call at 925.462.6007 or simply request a quote via our insurance website at wmainsurance.net.