Page 8 - Hobe Sound Reflections - August '23

Page 8, Hobe Sound

financial focus ®

What Does It Cost Not To insurance because they don’t know how much they need, needs change over time. In choosing between term and
So, let’s return to the issue of people putting off buying
permanent insurance, you’ll want to evaluate several
Have Life Insurance? or what type they should have: issues, such as how long you think you’ll need coverage
• How much is enough? You might hear that you need and how much you can afford to pay in premiums.
By Sally Sima Stahl life insurance equal to about seven to 10 times your pretax Finding out about the benefits, costs and types of life
It’s probably not on your annual salary. That’s not a bad “ballpark” figure, but not insurance can help you make informed choices to help
calendar, but September is everyone is playing in the same ballpark. To get a true protect your family for years to come – so don’t delay
Life Insurance Awareness sense of how much of a death benefit you require from learning what you need to know.
Month. And that means your life insurance, you’ll need to consider a variety of This article was written by Edward Jones for use by
it’s a good time to become factors, possibly including your current income, spouse’s your local Edward Jones Financial Advisor, Edward
more aware of the benefits income, the size of your mortgage (in addition to other Jones, Member SIPC.
of having life insurance liabilities), number of children, educational expenses and Edward Jones is a licensed insurance producer in
– and the dangers of not final expenses for funeral arrangements. all states and Washington, D.C., through Edward D.
having it. • What type? You can essentially choose between Jones & Co., L.P., and in California, New Mexico and
Unfortunately , two basic types of life insurance: term and permanent. Massachusetts through Edward Jones Insurance Agency
confusion about some of As its name suggests, term insurance is designed to of California, L.L.C.; Edward Jones Insurance Agency
the basic elements of owning life insurance may be provide coverage for a designated period, such as 10 or of New Mexico, L.L.C.; and Edward Jones Insurance
keeping people from getting the protection they need. 20 years. Generally speaking, term insurance is quite Agency of Massachusetts, L.L.C.
More than half of uninsured Americans say they have affordable for most people, especially when they buy Edward Jones, its employees and financial advisors
put off purchasing coverage because they don’t know policies as young adults. On the other hand, permanent cannot provide tax advice. You should consult your
what to buy or how much they need, according to Life insurance, such as whole life or universal life, is usually qualified tax advisor regarding your situation.
Happens and LIMRA, two nonprofit organizations that considerably more expensive than term insurance. This Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
provide research and education about life insurance. is because permanent insurance premiums, in addition to 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Yet, while this confusion may be understandable, a providing a death benefit, help build cash value, which
delay in acquiring appropriate insurance can be costly you can typically access through loans or withdrawals,
in more ways than one. From a strict dollars-and-cents giving you additional flexibility should your financial
perspective, it’s generally much more affordable to
buy life insurance when you’re younger. But there are
potentially much greater costs involved in not having
insurance when it’s needed — and these costs are School Bus Safety
personal.
To be specific, what is it worth …
… to know your family could stay in your home if Stay Alert. Keep Them Safe.
something happened to you?
… to know your children could continue their
education plans?
… to know your debts could be paid without burdening
your family?
Clearly, if you were to assign these benefits a “price
tag,” it would be pretty high.
And that’s the value of owning sufficient life
insurance.

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