Insurance for the Modern Family: Protecting What Matters Most

A recent study found that 40% of American families have insufficient life insurance, and a significant number of those who have coverage report that their policy is too small.

Term life insurance is often the first type of policy purchased by young couples, as it is usually affordable and easy to understand. It provides coverage for a specific period of time, such as during child-rearing years or while paying off a mortgage. It can also be easily upgraded to a permanent policy in the future, depending on your needs and objectives.

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For many parents, a primary goal is to leave behind sufficient income for their family in the event of their death. In addition, life insurance can help cover any outstanding medical debts and provide money for final expenses. Those with a business can consider it as well, since a death benefit could help to pay off debt and fund a buy-sell agreement to ensure the business can be continued by the family in the event of a death or disability.



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In addition, those who have significant assets can use life insurance as a way to reduce their taxes, as there is no capital gains tax on most life insurance benefits. An experienced financial advisor can work with you to evaluate your life insurance needs and provide solutions that fit your family’s unique circumstances. They can help you determine how much life insurance you need by using a calculation known as the DIME formula: Total your debts, mortgage and college savings, then add in your salary to calculate your minimum coverage amount.

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Whether you’re saving for a home, retirement or your children’s college education, an unexpected disability can derail those long-term goals. That’s why income protection through disability insurance is a smart way to help protect your family’s financial future.

While most Americans recognize the need for life insurance, they may overlook the importance of securing disability coverage. In fact, according to the 2024 Insurance Barometer Study conducted by LIMRA, only 1 in 5 Americans have individual disability insurance. That’s a big gap that could leave families vulnerable when they need it most.

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