Is It Time to Review Your Life Insurance?Submitted by JMB Financial Managers on September 24th, 2018
We often say that our clients buy life insurance for one of two reasons – you love somebody or you owe somebody. For most, it will be the first reason. You want to protect a loved one and there is a financial dependence on your income. According to a recent study, 38% of Americans believe they would feel the impact from the death of a primary wage earner within a month of their passing.1 However, the second scenario can have a major impact when a mortgage, student loans or other debts are a part of your financial picture.
What Calls for a Review?
So when do you review your life insurance plan to ensure you and your loved ones are set up for the future? Any time there is a major life change! These can include:
- New child/grandchildren
- Change in marital status
- New job/promotion/salary change
- Receipt of an inheritance
- Sale or purchase of home
- Death of a family member
Although each of these is an opportunity to have a conversation about life insurance and any potential changes, it’s also not an exhaustive list. Other life moments that may change your lifestyle or plans for the future should also be considered. These may include:
- Major investment gain/loss
- Health concerns
- Change in estate plan
- Start/purchase a business
- Sold or acquired assets
- New investments or insurance
Is your life insurance policy due for a checkup? Contact us today to schedule a review.
You work hard every day to establish yourself and take care of your loved ones. Don’t leave tomorrow or the future of your loved ones to chance. There are several life insurance options depending on your current situation and plans for the future we can take into account to guide you on the right track.
Contact the office at (949) 251-3544 if you’d like to set up a time to discuss your life insurance policy.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
About the Author
Jack Brkich III, is the president and founder of JMB Financial Managers. A Certified Financial Planner, Jack is a trusted advisor and resource for business owners, individuals, and families. His advice about wealth creation and preservation techniques have appeared in publications including The Los Angeles Times, NASDAQ, Investopedia, and The Wall Street Journal. To learn more visit https://www.jmbfinmgrs.com/.