Finseca: September is Life Insurance Awareness Month

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Sep 11, 2023, 10:27 ET

WASHINGTON, Sept. 11, 2023 /PRNewswire/ -- September is Life Insurance Awareness Month and the perfect time for you to think about your financial security plan. Life insurance is often overlooked, despite it being a fundamental component of a sound financial strategy.

Whether you're looking to cover your final expenses, pay off debts, provide for your family, or leave a legacy to your loved ones – life insurance can help fulfill each of these goals.

Ernst and Young recently published a study that exhaustively analyzed how life insurance, especially permanent policies, investments, and deferred income annuities out-perform investment-only or investment-plus-other-products approaches, in every combination. Individuals and/or families who have life insurance, investments, and guaranteed streams of lifetime income through things like annuities are in a significantly better position to absorb the challenges that life throws their way.

Here are three simple steps to help you get started:

1. Determine Your Needs: Start by assessing your financial obligations, income, family living expenses, and future financial goals. Consult a financial security professional, preferably a Finseca one, to determine the right coverage for your unique situation. A general rule of thumb is that you should have 10 times your annual income to provide for your family and cover your debts and/or expenses that your family will need to cover.

2. Consider Your Options: Explore Term and Permanent Life Insurance. Term insurance is more affordable and provides coverage for a specific period, while Permanent insurance lasts a lifetime and builds cash value. Start as soon as possible! The younger and healthier you are, the less expensive both life insurance products will be.

3. Get Started Today: Sit down with a financial security professional. Even the greatest athletes of all time need a coach. Put yourself first this September and invest in your holistic financial security plan with an expert. A financial security professional can walk you through your best options and make sure all your needs are met.

Secure your family's future with life insurance. These three steps will ensure your loved ones are protected from unexpected events. The best thing we can do for ourselves, our families, and those we love is plan. Take action this September!

About Finseca

At Finseca, we know that financial security improves people's lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.

SOURCE Finseca