Life insurance is one of the things you want to have, but hope you never have to use.
Yet itâs important, and Financial Advisor Carl Kielbasa with Carroll Retirement Plans & Investments explains why.
Why itâs important
Life insurance helps answer the question of what will happen to your family if you die.
Kielbasa says peopleâs 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 isnât burdened by their loss any more than they have to be, and thatâs 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.
âWith September being Life Insurance Awareness Month, my recommendation is take a look at your own life insurance picture,â Kielbasa says. âIs your family protected and are they protected at the appropriate level?â
For more financial advise and information, you can contactÂ Carroll Retirement Plans & Investments.