By Jim Laick, LUTCF, FICF

Life insurance is a major building block in everyone’s financial plan. People tend to disregard this important piece, but protecting one’s family should be front and center when it comes to both short- and long-term planning. Let’s start by thinking big picture. Here are some examples that many of us may view as more important and take precedence.

Take, for example, your home, recreational vehicles, and the vehicles parked in your driveway. I would guess you paid quite a bit of money for all of them. Would you feel bad if something happened to any of them today? You probably would feel worse if you had to replace any of them due to a loss. I would even bet you have taken the necessary steps to make sure enough insurance coverage is in place on each of them in the event of an unexpected loss. You probably even chose a very low insurance deductible just in case you experienced a loss and had to pay money out of your pocket for any losses. You might have even gone a bit further to check every year just to make sure the right amount of insurance coverage is in place. Just to be on the safe side! Now, let’s visit the other side: your life insurance coverage. I would think you would want to be on the safe side by taking steps to protect your family in the event of the unexpected.

Here are some questions to get you started:

Do you have life insurance coverage?

Are you aware of all the benefits life insurance has to offer?

When was the last time you had a full review of your family’s life insurance coverage?

Is there any additional life insurance coverage needed to bring it up to date?

Do you have the correct life insurance coverage in place now?

Is there an organized file with all your important documents?

Simply put, life insurance benefits your loved ones against unforeseen risk. At your death, your family is exposed to all kinds of financial risks such as burial expenses, child’s college tuition, mortgage, taxes, loss of income from social security, retirement benefits, or other income resources and the list can be endless. Proper life insurance planning is the key foundation. It guarantees that the necessary money is available for your family to deal with these unexpected circumstances.

Improper life insurance planning creates economic havoc. This forces your loved ones to make some very tough decisions; for example, will your family have enough money to pay current household bills? Will they be able to continue to live in their current home? Will they have to move to another neighborhood? Will the children be able to continue attending their current school? Will your spouse have to find immediate employment or take on another job to make financial ends meet? Get my point! Needless to say, a large percentage of families rarely review their life insurance coverage. Take time now and review all your life insurance coverage. Your actions and planning today will determine your loved one’s continued financial stability.

ISDA Financial Life offers many plans of life insurance to get you started. The application process is simple, easy to understand, and only takes a short time to apply. Take the necessary steps and protect your most important asset, your family! Promise your family with the coverage they deserve. Don’t wait until that unexpected loss occurs. Start by making good decisions today. Contact an ISDA trained representative and have a comprehensive review of your life insurance program.

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