Thursday, 21 March 2019

Finances at Four: Life Insurance

Life insurance is one of the things you want to have, but hope you never have to use.

Yet it’s important, and Financial Advisor Carl Kielbasa with Carroll Retirement Plans & Investments explains why.

Why it’s important

Life insurance helps answer the question of what will happen to your family if you die.

Kielbasa says people’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 isn’t burdened by their loss any more than they have to be, and that’s also why life insurance is useful, Kielbasa says.

What life insurance can pay for

  • Debt
  • Funeral expenses
  • Lost income
  • Funeral
  • College

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.

“With September being Life Insurance Awareness Month, my recommendation is take a look at your own life insurance picture,” Kielbasa says. “Is your family protected and are they protected at the appropriate level?”

For more financial advise and information, you can contact Carroll Retirement Plans & Investments.

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