Are you kidding me? Life insurance frustrations explained.

September 8, 2015

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Good Neighbor Tips. A blog by Erin Doan, Erin Doan State Farm Insurance, Scottville; www.erindoan.com.

Are you kidding me? This is your first thought as you start to read online about all the crazy lingo that comes with life insurance, like term, return of premium, and accumulated dividends and on and on.

It is my responsibility to help you get beyond this state of frustration with life insurance. Today is part one of a four part series that I will be doing this month helping you get a better handle on why your needs for life insurance may change over the years and some practical ways to make informed and educated decisions on your personal needs.

I have learned over the years that there is much confusion on all aspects of life insurance so let’s start this week with the biggest first question: what is your specific need? Meaning why do you need coverage and how much coverage do you need.

Why do you need it? Well, to be frank, we’re all going to pass away someday and having some life insurance will help your family financially after a premature death. This is hard to hear. I understand. What my clients have found is that if they take just a few minutes to sit down and consider their family’s situation they come to the realization that in almost all cases there is a need, no matter if they’re single, blue or white collar, with or without children and even homemakers have financial value they add to the family that would be missed.

The other part of determining your need is how much do you need. There is a simple acronym I use at my agency: It is L.I.F.E. The first letter is L for loans (what you owe); I – income for your family; F – final expenses (medical/funeral); and E – everything else (education, legacy gift, monument, etc.)

 

That’s it! So, let’s have a simple conversation this week. Let’s sit down and consider your needs are and we’ll discuss what coverage you already have at work or elsewhere and then go from there. Remember, time has a way of changing things and this is too important of a topic to leave to chance or review once in a great while.

Call me today: I’m Erin Doan, State Farm agent in Scottville at 231-757-3115.

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