Columnists

Life Insurance isn't for you. It's for those you Love.

Submitted by Royal Neighbors of America

Life insurance is a simple answer to a very difficult question: How will my family 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 one you cannot avoid.

There are many types of life insurance, but for all of them the bottom line is the same: It pays cash to your beneficiaries after you die, allowing the financial plans you put in place to continue uninterrupted. Life insurance payments can be used to cover final expenses, daily living expenses, mortgage payments, outstanding loans, college tuition, and other essential expenses. And, just as important, the death benefit proceeds of a life insurance certificate are almost never subject to federal income taxes.

Take a look at your own families’ needs. Do they rely on your paycheck? Do you have money set aside for the kids’ college tuition, the mortgage on your house, the loan on your car, or your own funeral expenses? If not,you need life insurance!

Earlier this year Gloria lost her husband, William, of 61 years. Of course she was saddened by his passing, but she knew things were well taken care of. “Ever since we married, it seems as though we were planning for the end,” she said. “It was strange to our friends, but we understood the importance of insurance and we wanted to make certain that each of us would be able to live, albeit lonely, comfortably after the other had passed.”

Unfortunately, studies indicate that Gloria and William are among the minority of adult Americans who own individual life insurance. Only 41% of adult Americans own an individual life insurance certificate. Three in 10 adults have NO life insurance at all, leaving loved ones to figure out what’s next.

At the age of 21, Carin had never really thought about life insurance or losing a parent for that matter. But when her mother died unexpectedly, without life insurance, she and her sister were forced to rely on monetary gifts from loved ones to help pay for a visitation service. “Looking back, I believe things went as well as could be expected,” she said. “But her death opened my eyes to how important life insurance really is. Even if it’s just to cover the expense of a funeral, having insurance relieves so much stress on those left behind.”

Most Americans need life insurance, and many who already have it may need to update their coverage. September is Life Insurance Awareness Month. Take this time to evaluate your needs. It’s the least you can do for your loved ones.

Royal Neighbors of America is a non-profit organization that insures lives, supports women, and serves communities. It is our mission to provide women and those they care about with insurance products, financial education, member benefits and services, and opportunities to connect with each other and their communities.

To learn more about Royal Neighbors of America and the products and benefits we offer, call our member sales team at (866) 845-6665 or visit our Web site at www.royalneighbors.org.