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Are you walking a financial tightrope without a safety net?

Posted at 2:48 PM, Feb 14, 2019
and last updated 2019-02-14 16:48:18-05

We work hard to provide for ourselves and our families, yet, too few Americans are taking the necessary steps to help protect their hard-earned savings, their families and their future. According to a recent survey conducted by Edward Jones, 81% of Americans agree that their family is one of their most valuable assets, but less than half are protecting their family with an individual life insurance policy. In fact, one third of Americans specified that life insurance is not a priority when starting a family.

  • Educate yourself: A lack of awareness and common misconceptions of how life insurance can fit your needs is among the most detrimental to long-term financial goals. Life insurance is an essential part of helping safeguard your family and your retirement strategy, yet nearly one-quarter of respondents were unable to identify any expenses that life insurance can cover.
  • Protect yourself from the unexpected: Having an emergency fund that covers three to six months of expenses is important, but what happens when your needs last longer than 6 months? Most Americans do not have protection against a longer-term need. Life insurance can cover expenses like funeral costs, retirement income, educational costs and more, which is why individuals should explore life insurance.
  • Group life insurance through the workplace: While a good starting point, life insurance through work typically only provides benefits equal to one or two times your annual salary. Growing families usually need greater protection.
  • Find a source you can trust: A financial advisor is the best person to turn to for advice on insurance. They will get to know your financial goals and your aspirations for the future and can help you choose insurance that best fits with your overall financial goals and budget.