D o I R eally N eed L ife I nsurance ? How Life Insurance Helps Families
According to Statista, only 52% of Americans possessed life insurance in 2021. That number has steadily been on the decline for over 10 years. Half of those surveyed by Statista who did not own a life insurance policy said that it was too expensive while one-fifth of respondents stated that they had no need for it. Life insurance is designed to help provide financial support to your loved ones after you pass away. When you buy into a life insurance policy, you pay premiums every month so that the insurer will give money to the beneficiaries of your choice if you are to pass away while still paying for this service. Many people have wondered if they really need life insurance — and there are a few factors you can look at to help you decide. Does your household rely on dual income between you and your significant other to make ends meet? If so, you should consider getting life insurance. Without your income, your significant other may struggle to pay the mortgage/rent and other expenses. Additionally, end-
of-life costs can be quite expensive. Paying for a funeral and burial or cremation can be more than many people can afford. Life insurance will help pay for those fees. If you want to leave an inheritance for your heirs, life insurance is a good way to do so. It can also help pay your employees if you own a business. There’s also the question of how much life insurance one would need to ensure that their loved ones are taken care of. To figure this out, look at the DIME method. This accounts for the debt you have from car payments, student loans, and credit cards. Think about how many years of income your family or significant other would need to continue living the same lifestyle. Evaluate how much is left on your mortgage or home equity loan. And have enough money to cover costs for your children’s education . Add all of these numbers together and you should have a good idea for how much life insurance coverage you need. If you have questions about life insurance or are interested in starting or updating your policy, give us a call today.
OBAMACARE INFORMATION
MEDICARE INFORMATION
Open enrollment for Marketplace/ Affordable Care Act/Obamacare coverage opens up on Nov. 1 and continues until Jan. 15. This is a crucial opportunity if you don’t get health insurance through your employer. Just remember, in order to receive benefits for the beginning of 2023, you’ll need to enroll before Dec. 15, 2022.
Additionally, the Annual Election Period for Medicare begins on Oct. 15 and closes on Dec. 7. If you need to join, switch, or drop a plan, now is the time to do so. As long as you enroll before Dec. 7, you will have coverage starting on Jan. 1. If you like your current plan you do not need to do anything. It will automatically roll over for 2023. There is NO NEED TO RE-ENROLL!
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