Key Takeaways for Life Insurance Awareness Month
Each year, Life Happens, a nonprofit dedicated to educating the public on insurance, sponsors Life Insurance Awareness Month, with the goal of helping all Americans understand the need to include life insurance in their financial plans. Here are a few key takeaways.
Know the Costs of Not Being Covered
Life insurance is designed to protect loved ones when tragedy strikes. A good policy covers financial obligations like extra medical expenses, creditor demands, mortgage payments, educational funds, funeral costs, and family incomes.
Talk to a Trusted Source
According to Russell Beauchamp, a Texas Farm Bureau Insurance Agent based in Beeville, many people who think they are adequately covered actually aren’t. He says it’s imperative for families to go through a needs analysis with their Agent to review their finances and goals to determine what life insurance policy works best.
“We owe it to them as professional Agents to take care of them,” Beauchamp says. “If we don’t talk to people about it, who will?”
Get the Right Fit
The key to a good policy is making sure it’s tailored to your specific needs. Beauchamp compares the process to going to a Western wear store and asking for a new pair of boots. You wouldn’t just walk into a store and choose a pair without checking the size.
“The first thing you’ve got to do is see what size boots you need. It’s the same thing with life insurance,” he says. “We’ve got to do a needs analysis to see what size policy you need, and then we’re going to look at the different options to meet that need.”
Lock in a Good Rate
John Hanna, a Texas Farm Bureau Insurance Agent in San Antonio, says the two main factors used to determine your life insurance rate are your age and current health. It makes sense to get a life insurance policy sooner rather than later, Hanna says — because once you purchase a policy, the rate cannot change.
He recalls meeting a client a few years ago who was on the fence about getting a policy. Six months later, that person underwent cancer treatments and was no longer eligible for an affordable rate.
“You don’t know what next year is going to bring,” Hanna says. “If you are young and healthy, get it and lock in your rate.”
Get a quote for a life insurance policy that will protect your family.
Coverage and discounts are subject to qualifications and policy terms and may vary by situation. Life insurance products are offered through Southern Farm Bureau Insurance Company. © 2018 Texas Farm Bureau Insurance
