October 10, 2008

Are you financially exposed?

By Aaron Sessions
Special to the Times

Many people realize the need for life insurance but keep putting it off until it is too late. You may think that life insurance is confusing, expensive and complicated. You may think you don’t know enough to make the right decisions for you and your loved ones. Postponing this decision leaves you and your family exposed financially.

Assumption #1: I’ll always be able to buy life insurance.

Aaron Sessions Photo courtesy of State Farm

You could develop a health condition that makes you uninsurable or could make life insurance too costly for you.

Assumption #2: I’ll get life insurance later when I’m older or have a family.

Life insurance may be needed at all stages of life. Whether married or single, male or female, with children or without, you may have financial obligations that need to be met. Life insurance provides financial security for you and your loved ones.

Assumption #3: My family and I are covered by the group insurance at work.

To meet the future needs of your family, you need to have 7 to 10 times your annual income. Most group term insurance amounts offered by employers won’t meet this need. And, when you don’t work for that employer any longer, you usually lose that coverage.

Assumption #4: My husband has life insurance so I don’t need it.

Women often live longer than men but not always. There are countless stories of men who had to shoulder the family financial burden along with the emotional burden after their wife passed away.

Assumption #5: My family can cover funeral and burial expenses.

Burying a spouse or loved one is the most stressful time in a family’s life. Having life insurance can reduce financial concerns for the family.

Take the time now to review your needs and provide adequately for yourself and your family.

For more information or to review your current policy, please contact my office or an insurance professional.

Aaron Sessions is an agent with State Farm Insurance. His office is located at 3001 S. Winchester Blvd., Ste. B, Ca.. He may be reached at (408) 866-7766 or email at aaron@aaronsessions.com. For more information visit www.aaronsessions.com.