Page 10 - Jupiter West - September '22

Page 10, Jupiter West
Financial Focus

Are You Properly Insured? This article was written by Edward Jones for use by Jones Insurance Agency of New Mexico, L.L.C.; and Edward
your local Edward Jones Financial Advisor, Edward Jones Insurance Agency of Massachusetts, L.L.C.
By Sally Sima Stahl Jones, Member SIPC. Edward Jones, its employees and financial advisors cannot
You probably won’t Edward Jones is a licensed insurance producer in all states provide tax advice. You should consult your qualified tax advisor
see it on your calendar, but and Washington, D.C., through Edward D. Jones & Co., L.P., regarding your situation.
September is Life Insurance and in California, New Mexico and Massachusetts through Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
Awareness Month. And it Edward Jones Insurance Agency of California, L.L.C.; Edward W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
is indeed important to be
aware of the importance of life
insurance. Are you adequately Why Some People Cannot See
insured?
Many people aren’t. About
40 percent of Americans face The Good In Their Lives
some type of life insurance
gap, either because they’re uninsured or underinsured, according
to a 2021 survey by the research and advocacy groups LIMRA The 19th century Rabbi, access to the spring of life. Life is God’s most cherished
and Life Happens. Yehudah Aryeh Leib Alter, gift to which we must show eternal gratitude, but too often
The need for life insurance is pretty straightforward: If offers an astonishing the stone muddles our reality and instead of life, we feel
something were to happen to you, would your family be able to insight into the mysteries despair. While the shepherds succumbed to the boulder,
continue their same lifestyle? Would the mortgage still be paid? of the human psyche in his Jacob used his mental and physical strength to overcome
Would your children still be able to further their education? commentary on the prelude to the obstacle.
So, if you decide that you should acquire or strengthen your the romantic meeting between So often we are like the shepherds. We stand at the
life insurance, how much do you need? Your employer may Jacob and Rachel. On his mouth of the well, knowing what’s inside and how much
provide you with some insurance as an employee benefit, but escape from his brother, Esau, we can benefit from it, but we perceive the stone to be
it may not be sufficient. You might have heard that you should Jacob stopped by the local too heavy for us to lift and keep waiting for the right time
have coverage worth seven or eight times your annual salary. well, and to his dismay he sees (that may never arrive).
But this estimate is just that — an estimate. Everyone’s situation the local shepherds standing The stone is the negative emotions we harbor. It is our
is different, and there’s really no one formula that can tell you idly instead of watering their flock. When he asked the anger at life that didn’t unfold the way we envisioned it in
how much insurance you require. To determine the coverage reason for their bizarre behavior, they pointed at a big our youth; it is our disappointment with our children who
you need, you’ll want to consider several factors, including stone covering the well. They couldn’t move the stone failed to provide us the future we always dreamed of; it is
your age, number of dependents, your income and that of your until more shepherds arrived, they told him. Despite their our fury at friends who didn’t live up to our lofty standards
spouse and the size of your mortgage. claim, Jacob tried and ultimately succeeded in removing of loyalty and support or our envy of their success, and
Knowing how much coverage you need is obviously the huge rock all by himself. the rock is blaming God for allowing the world to be so
important, but you’ll also want to consider what type of life Rabbi Alter reads the story metaphorically. The concept far removed from perfection.
insurance is right for you. You have two basic choices: term or of a well, a source of life in the midst of a barren field, The High Holy Days give us the opportunity to identify
permanent insurance. exists in all aspects of the universe. Everything and the forces that pull the stone down and make it unmovable,
As the name suggests, term insurance provides everyone contains a life-giving element that sustains it. and when we muster the strength to begin to move the
coverage for a specified amount of time, such as 10, 20 Even that which appears to be as deserted as a field has stone, God, just like He did for Jacob, will push it with
or 25 years. Term insurance only offers a death benefit such a hidden place, a well, within it. us, until the lifegiving water of the well is fully exposed
— there’s no buildup of cash value in your policy. As for humans, the well represents the source of and we are able to quench our spiritual thirst.
Generally speaking, term insurance is considered to be what enables life and makes it worth living. The boulder Rabbi Alon Levkovitz,
quite affordable, especially when you’re young. symbolizes what obscures our vision and obstructs our Temple Beth Am
Permanent insurance, on the other hand, offers a
death benefit and the opportunity to build cash value.
Because of this, premiums for permanent insurance —
which includes “whole life” or “universal life” — are
considerably higher than those for term life.
Which type of insurance should you choose? Again, it
all depends on your situation and your preferences. Some
financial experts advise people to “buy term and invest the
difference” — that is, use the money saved on the lower
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.

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