This content is sponsored by MOAA Insurance Plans, administered by AMBA Administrators, Inc.
Did you know that September is Life Insurance Awareness Month? This annual campaign was established to remind Americans of the need to include life insurance in their financial planning. Now is the perfect time to review your current coverage and make sure your family is prepared for whatever the future holds.
Research shows that people with life insurance are more likely to feel financially secure. And yet, over 40% of Americans say they don’t have adequate life insurance coverage.* At MOAA, we’re doing our part this month to share the message that life insurance is an easy and affordable way to protect those who depend on you.
It’s More Than Just a 'Death Benefit'
Are you aware of everything life insurance can do? It’s a multi-faceted financial planning tool that can make a difference in your family’s overall security and well-being. The benefit payment can be used to:
- Pay off debts, loans, and final expenses.
- Provide a means for your family to pay the mortgage and stay in their home.
- Establish a child’s college education fund.
- Keep a family business in the family and in business.
- Provide income for your loved ones to live on for a period of time.
- Help surviving family members move on with their lives.
Purchasing life insurance is not a decision you should put off. Obviously, you want to make sure coverage is in place before your family needs it. But it’s helpful to do a bit of planning in advance.
How Much Coverage Do You Need?
Every family’s financial situation is different. Give thought to how much your loved ones would need to maintain their standard of living if they were to lose a breadwinner. Here are a few questions to consider:
- Who do you want to protect (i.e. your beneficiaries)?
- How long would they need financial support?
- How much do you have in savings and how long would that last?
- How much debt do you have?
A financial planner or insurance broker may be able to help you answer these questions and guide you to the right type and right amount of coverage. Or call 1-800-247-2192 to speak to a MOAA Insurance Plans sales representative.
Already Have Life Insurance? Consider an Annual 'Checkup'
If you purchased a policy years ago, how has your life changed since then? Did you buy a house? Have a child (or two or three)? Retire from Active Service? Change jobs? Any number of life events can significantly alter your financial situation — and you may now have more to protect than you did in years past. That’s why it’s a good idea to frequently review your coverage to make sure it still suits your family’s current needs.
Making sure you have enough coverage during Life Insurance Awareness Month can mean peace of mind for all the months yet to come. MOAA members have access to a variety of affordable group life insurance options through MOAA Insurance Plans. To learn more, visit MOAAInsurance.com or call 1-800-247-2192 to speak to a representative.