Protect Your Family With Life Insurance

When you think about personal finances, life insurance is often forgotten or overlooked. It can be easy to put insurance planning to the side when your mind is thinking about buying a car or budgeting childcare expenses. However, it’s important to consider life insurance early to prepare for the unexpected. Setting up a plan that protects your loved ones will allow you to feel more confident living your life to the fullest.

Start Early

Preparation is key. Nearly 100 million Americans do not have life insurance or are inadequately insured, but 39% of those surveyed say they intend to purchase coverage in the next year, according to a 2023 study by LIMRA and Life Happens. The first step is to recognize life insurance as a crucial part of your family’s finances as building it into your budget now will provide protection in the future. When you think through options and act early, you can also save money in the long run.

Determine How Much Life Insurance You Need

There are various factors to consider when determining the cost and availability of life insurance options. These can include age, health and lifestyle. You also need to select what type of life insurance you want to purchase whether it’s term life or a permanent plan. A rule of thumb for estimating life insurance needs is based on your current income. Financial experts recommend policies that are between five to 10 times your annual income. A Detailed Needs Analysis, or DNA test, evaluates your current financial situation to estimate insurance needs. To do this, add up your short-term, long-term, and future financial needs should something happen to you then subtract your current assets. To learn more about the DNA test, visit this website.

Ask For Help

Life Insurance coverage plays an important role for overall financial health. It can add security and stability to your financial plan and reduce stress in the long term. A great first step is speaking with a financial advisor from the Retirement Planning & Investment Center¹ at Workers Credit Union to discuss your options.

¹Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CUSO Financial”) (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not INSURED, are not NCUA/NCUSIF or otherwise federally insured, are not MSIC insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. Atria Wealth Solutions, Inc. (“Atria”) is not a broker-dealer or Registered Investment Advisor and does not provide investment advice. CFS is a subsidiary of Atria. Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States. CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.