Financial Wellness Month and Life Insurance
January is Financial Wellness Month and a great time to take a look at our financial health as well evaluate our life insurance coverage. Were you recently promoted? Did this promotion come with an increase in income? If so, this can result in a lifestyle change. As your lifestyle changes, so does your need for financial wellness. Life insurance can be a big part of ensuring you are properly protected.
You may purchase another home, make upgrades to your current home resulting in refinancing, purchase new cars, book vacations, change schools for children, and enable a spouse to remain at home. It’s important to review your life insurance portfolio when lifestyle changes occur to make adjustments to enable your family to be able to maintain their comfortable lifestyle in the event you pass away.
Additional lifestyle changes such as; getting married, having a baby or adopting a child, buying a home, starting a business, taking out loans, retirement, sending children to college or private school are triggers to evaluate your life insurance needs to insure your family can maintain your financial goals.
What will life insurance do if you pass away prematurely? Life insurance can replace your income for a period of time you determine, it can pay off a mortgage to leave your home debt free, provide the money to purchase a home, send your children or spouse to college, allow a stay at home spouse to remain home and not be forced to go to work, pay final expenses such as funeral costs and estate costs, pay off debts and medical bills, provide a retirement fund for your spouse, leave an inheritance for family members as well as a charitable bequeath.
Celebrate your promotion or any other lifestyle change with a review of your finances. There is no better time to take care of this than during Financial Wellness Month.
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.