Parker County Today Aug 2018 - Page 76

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 Life insurance is a simple answer to a very difficult ques- tion--How will my family or my business manage finan- cially 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 earn- er 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. 74 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. N( 2FR6&R&V6FvƖfP7W&6^( F'WBBFRǒR6RGW2bƖfR7W"Ц6RffW"&FW'2"FW"fVGW&W2FB6'F@&RW"f67G&FVw7V62FR&ƗGF67RЦVFR66fVRFBw&w2fW"FRऒfR6VBBbƖfR7W&6RfW"ג6&VW"fP6FVƗfW&VBFVF&VVfG2Ff֖ƖW2FB6VPfVBVVvFf"F2WfF&R67W'&V6RƖfRB&VV&W"R6( BvWBƖfR7W&6R6PRVVBBbRvVBƖRFF67W72rRVVBFf"W f֖ǒ"'W6W7>( VVG26"w&727W&6Rत"u$525U$4Rs24DdRE$dPtTDU$d$@wwr&w&726rc2