“Taking the First Steps: Family Conversations About Life Insurance”
Life Insurance Awareness Month in September serves as a reminder for families to have important conversations about life insurance, money management, and financial planning. Research shows a decline in the number of people with life insurance coverage, with many not having adequate coverage. While the main reason for having life insurance is to provide financial support to loved ones after death, there are other benefits as well.
One of the opportunities highlighted is that life insurance is more affordable than most people think. Term life insurance policies, in particular, can be cost-effective and provide the essential death benefit protection needed. Furthermore, permanent life insurance policies offer additional benefits such as cash value growth, chronic illness coverage, and more.
Buying life insurance has become simpler with digital applications that are easy to fill out. The underwriting process is quick and straightforward, with minimal medical requirements for healthy individuals. Policyholders can also access the cash value in their life insurance policy while still alive for various financial needs without incurring taxes or penalties.
Life insurance provides financial protection for loved ones and can help maintain their lifestyle and dreams after the policyholder’s death. It can also be used to reduce estate taxes and enhance one’s legacy. Starting conversations about life insurance within the family can be a gateway to broader financial planning discussions. Personalizing the conversation, making it fun, and continuing the dialogue throughout life can help ensure that all family members are informed and confident in their financial decision-making.
By breaking the silence and making conversations about life insurance and finances a regular part of family life, individuals can empower their loved ones to make informed financial decisions. Life insurance, while often seen as a heavy topic, can provide peace of mind and financial security for families in the long run.