Page 7 - Hobe Sound Reflections - September '22

Hobe Sound, Page 7

FiNaNCial FoCus

Are You Properly Insured? something were to happen to you, would your family be insurance is right for you. You have two basic choices: term
able to continue their same lifestyle? Would the mortgage or permanent insurance.
By Sally Sima Stahl still be paid? Would your children still be able to further As the name suggests, term insurance provides coverage
You probably won’t see their education? for a specified amount of time, such as 10, 20 or 25 years.
it on your calendar, but So, if you decide that you should acquire or strengthen Term insurance only offers a death benefit — there’s no
September is Life Insurance your life insurance, how much do you need? Your buildup of cash value in your policy. Generally speaking,
Awareness Month. And it employer may provide you with some insurance as an term insurance is considered to be quite affordable, especially
is indeed important to be employee benefit, but it may not be sufficient. You might when you’re young.
aware of the importance have heard that you should have coverage worth seven Permanent insurance, on the other hand, offers a death
of life insurance. Are you or eight times your annual salary. But this estimate is just benefit and the opportunity to build cash value. Because of
adequately insured? that — an estimate. Everyone’s situation is different, and this, premiums for permanent insurance — which includes
Many people aren’t. there’s really no one formula that can tell you how much “whole life” or “universal life” — are considerably higher
About 40 percent of insurance you require. To determine the coverage you than those for term life.
Americans face some type need, you’ll want to consider several factors, including Which type of insurance should you choose? Again, it
of life insurance gap, either because they’re uninsured or your age, number of dependents, your income and that of all depends on your situation and your preferences. Some
underinsured, according to a 2021 survey by the research your spouse and the size of your mortgage. financial experts advise people to “buy term and invest the
and advocacy groups LIMRA and Life Happens. Knowing how much coverage you need is obviously difference” — that is, use the money saved on the lower
The need for life insurance is pretty straightforward: If important, but you’ll also want to consider what type of life term insurance premiums to invest in stocks and mutual
funds. Others, however, disagree, and point to the benefits
of permanent insurance, such as the ability to borrow
against the cash value of a policy to pay for unexpected
expenses. Ultimately, in making the choice between term
and permanent insurance, you’ll need to look at your entire
financial picture to determine which option is best for you.
In fact, life insurance should be a key component of your
overall financial strategy, along with your investment mix
and the long-term goals you’ve set. Insurance can even play
a role in your estate planning, as you determine the best way
to distribute assets to your family members and any charitable
organizations you support.
Life Insurance Awareness Month lasts 30 days — but
your need for life insurance can endure for decades. Make
sure you’re doing everything you can to protect your
loved ones.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your qualified
tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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