It is Life Insurance Awareness Month and now may be a good time to review your life insurance. Many people avoid getting life insurance because of the thought of dying. We do not want to face the issues. But, the fact of the matter is, that if we care about our families, we should take the time to make sure that they are protected in the event of our untimely death.
Many of us procrastinate and if we are not careful, we may wait too long to resolve the problem. We may be prevented from doing that because of accident, illness, or death. Then the family suffers because of our failure to plan.
In some cases, life insurance is not as expensive as some may think. Sure, we may have health problems, but some of the companies will insure some people that others may not. Just because one refuses to insure you does mean that they all will. Each company has must meet certain criteria in order to manage the risks associated with providing insurance.
I just met with someone who had substantially less coverage for life insurance than he originally thought. After reviewing the policy and the costs associated with burial, I recommend more coverage. After discussing the option with him, he decided to purchase more insurance.
In conclusion, it would be beneficial to review your policy periodically to determine if the coverage is adequate, and if it is not, to increase it. If you do not have a plan for insurance, it is highly recommended that you obtain a plan before something happens.