It's a new year, and with that comes new resolutions. For most people, these resolutions will include at least something related to financial planning. But do your resolutions include covering yourself and your family with affordable term life insurance? If you don't have a policy already, or even if you already do, it is important to review your life insurance needs. Unfortunately, most people will find themselves lacking sufficient life insurance, and may be reassured to find out that this part of their financial planning can be one of the easiest and least costly to remedy.
The good thing about term life insurance, besides its affordability, is that you can choose a policy that matches your needs at this particular phase in your life, and then you can revisit your needs whenever the term you have chosen is up.
We All Need Life Insurance - But How Much?
Different stages of life require different coverage levels. Look at your life in this new year; did you have any life changing events in 2003 that may require a new level of coverage in 2004 and beyond? Did you get married, have kids, purchase a house, get divorced, retire, get a sizable promotion or new job (or any other financial windfall)? These are just some of the life events that usually require a new level of life insurance coverage.
Studies show that over 25 percent of American households lack any member with life insurance. And the approximately three quarters of us who have life insurance do not have adequate coverage levels for the stage of life we are in. And many may not realize that term life insurance has become so affordable. There is heavy competition these days among insurers wanting to cover you, and that translates into affordable, competitive rates if you do a little comparison shopping....
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