Life Insurance Awareness Month
Why It’s Crucial To Plan for Your Future Today
Now that September has arrived, insurance agencies nationwide focus on one crucial topic—Life Insurance Awareness Month. This month serves as a reminder to individuals and families about the importance of life insurance as a financial planning tool. At Shafer Insurance Agency, we believe that life insurance is not just a policy but a commitment to safeguarding your loved ones’ future. This month, we want to take the opportunity to share why life insurance is essential and how we can help you secure peace of mind.
Understanding Life Insurance: More Than Just A Policy
Life insurance is often misunderstood. Many people think it’s a product meant for older individuals or those with significant wealth. However, life insurance is for everyone. It is a financial safety net that ensures your loved ones are protected if the unthinkable happens. Life insurance can help cover funeral expenses, pay off debts, maintain your family’s standard of living, and even fund future needs like college education or retirement.
Why September? A Month Of Awareness And Action
Life Insurance Awareness Month (LIAM) was established in 2003 by the nonprofit organization Life Happens. The goal is to educate Americans about the importance of life insurance and to help them make informed decisions about their financial futures. September serves as a perfect reminder to revisit your financial plans, especially with the year coming to an end. It’s a time to evaluate if your current life insurance coverage meets your evolving needs.
Common Misconceptions About Life Insurance
- I’m too young to need life insurance. – Youth doesn’t guarantee immunity from unexpected events. Securing life insurance while young can be more affordable and provide better coverage options.
- Life insurance is too expensive. – Many overestimate the cost of life insurance. In reality, it can be quite affordable, especially when considering term life insurance. We work with you to find a policy that fits your budget.
- I have coverage through work. – Employer-provided life insurance is often limited and may not be enough to cover all your needs. It’s essential to have a policy that is tailored to your personal situation.
Types of Life Insurance: Which One is Right for You?
There are two main types of life insurance—Term Life Insurance and Permanent Life Insurance.
- Term Life Insurance provides coverage for a specified period, such as 10, 20, or 30 years. It’s ideal for those who need coverage for a specific period, like paying off a mortgage or funding a child’s education.
- Permanent Life Insurance includes Whole Life, Universal Life, and Variable Life policies. These policies provide lifelong coverage and come with a cash value component that can grow over time. They are suitable for those looking for long-term financial planning and wealth-building options.
At Shafer Insurance Agency, we help you navigate these options, ensuring you choose the right policy for your unique needs.
How Much Coverage Do You Need?
Determining how much life insurance coverage you need depends on several factors—your income, debts, lifestyle, and future financial obligations. A general rule of thumb is to have coverage that is 10-15 times your annual income, but everyone’s situation is different. Our agents are here to provide a personalized analysis to help you make the best decision.
The Impact Of Life Insurance On Your Financial Plan
Life insurance is more than just a death benefit; it’s a powerful tool in your financial arsenal. It provides liquidity when needed most, ensuring that your loved ones don’t have to worry about immediate financial burdens. It can also serve as an investment vehicle, helping you build cash value over time.
Why Partner With Shafer Insurance Agency?
At Shafer Insurance Agency, we believe in educating our clients about their options, not just selling a policy. We are committed to building long-lasting relationships and ensuring that our clients have the peace of mind that comes with knowing they are adequately protected. Our agents are experienced, compassionate, and ready to guide you through every step of the process—from understanding your needs to selecting the right policy.
Take Action This Life Insurance Awareness Month
There’s no better time than Life Insurance Awareness Month to take charge of your financial future. Whether you’re looking to buy your first policy or review your existing coverage, we are here to help. Contact us today for a free consultation, and let’s work together to protect what matters most—your family, your legacy, and your peace of mind.