Life insurance is one of the things you want to have, but hope you never have to use.
Yet itâ€™s important, and Financial Advisor Carl Kielbasa with Carroll Retirement Plans & Investments explains why.
Why itâ€™s important
Life insurance helps answer the question of what will happen to your family if you die.
Kielbasa says peopleâ€™s largest asset is not their house or car, but their income, which they use to pay for those things.
People usually want to make sure their family isnâ€™t burdened by their loss any more than they have to be, and thatâ€™s also why life insurance is useful, Kielbasa says.
How much you need
Kielbasa runs clients through a life insurance needs analysis to figure out how much a family needs its life insurance for. This factors in things found above, as well as how long the family wants it to replace the lost income.
â€śWith September being Life Insurance Awareness Month, my recommendation is take a look at your own life insurance picture,â€ť Kielbasa says. â€śIs your family protected and are they protected at the appropriate level?â€ť
For more financial advise and information, you can contactÂ Carroll Retirement Plans & Investments.