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M.A. Kluemke and Associates

September is Life Insurance Awareness Month

September is Life Insurance Awareness Month

No one wants to think about it but, the main reason to purchase life insurance is that you love people and want to protect and provide for the people you love. Almost nine out of 10 Americans agree that most people need insurance, yet just 60% say they have it, according to The 2016 Insurance Barometer Study, Life Happens and LIMRA.

Life insurance proceeds can be used to:

•    Pay for funeral costs

•    Pay the bills and meet ongoing living expenses for your family

•    Pay off any outstanding debt, including credit cards and the mortgage

•    Continue a family business

•    Finance the future needs of your children, such as higher education

•    Protect your partner or spouse’s retirement plans

Acquiring life insurance doesn’t have to be complicated or scary. Here are some easy steps to walk you through the process.

The most important part of buying life insurance is to determine how much you need. Since everyone’s financial circumstances and goals are different, there is no rule of thumb to tell you how much to buy. To start, estimate what your family members would need after you’re gone to meet immediate, ongoing, and future financial obligations. Then add up the resources your surviving family members could draw on to support themselves. These would include things like earned income and accumulated savings. You’ll also need to factor in inflation and assumptions about how much your investments will earn over the long run. We admit, it’s not always an easy calculation to make.

Fortunately, we’re here to help. As advisors with years of experience, we can conduct a thorough analysis of your needs and then help you determine the right amount and type of life insurance to protect the ones you love.

Give us a call on 217.679.1043 or email to arrange a consultation.

*Death Benefit payments are subject to the claims-paying ability of the issuing insurance company.

By Mark Kluemke

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck