our professionals : INSURANCE SPECIALISTS
CHANCES ARE YOU NEED LIFE INSURANCE :
SEPTEMBER IS LIFE INSURANCE AWARENESS MONTH
By J . B . Gross of J . B . Gross Insurance
AUGUST 2018 PARKER COUNTY TODAY
74
Life insurance is a simple answer to a very difficult question--How will my family or my business manage financially when I die ? It ’ s a subject no one really wants to think about . But if someone depends on you financially , it ’ s a question you cannot avoid . There are many types of life insurance , but for all types the bottom line is the same-- they pay cash to your family after you die , allowing loved ones to remain financially secure . Life insurance payments can be used to cover daily living expenses , mortgage payments , outstanding loans , college tuition and other essential expenses . If you ’ ve worked hard to establish a solid financial framework for your family — investments , home equity , a savings plan , retirement accounts — the insurance is the foundation upon which it all rests . It can guard against the need for your loved ones to make drastic changes to future plans when you die . Certain types of life insurance even have a built-in cash accumulation feature that can help you reach savings goals . Most Americans need life insurance , and many who already have it may need to update their coverage .
HOW MUCH IS ENOUGH ? A majority of people asked believe they would feel the financial impact from the death of the primary wage earner within a month of their passing . When you consider all the things that life insurance proceeds need to fund and how long the money will be needed , you begin to realize that your true need for coverage is often 10 or 15 times your gross annual income , sometimes even more .
INSURANCE PROCEEDS CAN FUND MANY TYPES OF EXPENSES IMMEDIATE EXPENSES
• Funeral costs
• Uncovered Medical expenses
• Mortgage
• Car loans
• Taxes
• Credit card debt
• Estate settlement costs
ONGOING EXPENSES
• Food
• Housing
• Utilities
• Transportation
• Health Care
• Clothing
• Insurance
• Income to family
FUTURE EXPENSES
• College
• Retirement At JB Gross Insurance , we use a worksheet to help you get a general sense of how much life insurance you will need to protect your loved ones , assuming that you died today . Before buying life insurance , it makes sense to consult with an insurance professional for a more thorough analysis of your needs .
WHAT KIND OF INSURANCE PROTECTION SHOULD YOU BUY ? The most basic feature of a life insurance policy is the death benefit : the lump-sum payment your beneficiaries would receive if you were to die . It ’ s the core reason to own life insurance — but not the only one . Some types of life insurance offer riders or other features that can play an important role in your financial strategy , such as the ability to accumulate cash value that grows over time . I have placed a lot of life insurance over my career . I have also delivered many death benefits to families that someone loved enough to plan for this inevitable occurrence . Life Hint - Remember , you can ’ t get life insurance once you need it !! If you would like to discuss how you need to plan for your family or business ’ needs call JB Gross Insurance . JB GROSS INSURANCE 1703 SANTA FE DRIVE WEATHERFORD www . jbgross . com 817-613-1098