Do you have a life insurance? Life insurance is a very important part of your financial plan, whether you want to protect your family when you pass away, are planning for your retirement, have a business and are in the succession planning process. If you don’t yet have life insurance, or don’t know if you need it, ask yourself these questions:
If you pass away,
- How could your family replace your income generating capacity?
- How will they pay for the mortgage, daily expenses, school, college or medical expenses?
Life insurance cannot replace you, but it can provide the funds to cover these basic needs for your loved ones.
Life insurance is a versatile tool and you can get one that is tailored to your financial needs. Once you have insurance it’s important to periodically revise your coverage to make sure that it adapts to your current reality. Many people pay life insurance policies for years and don’t update them to take into account life changes such as marriage, new children, change of job, divorce or setting up a business. In these cases it’s very common for the death benefit to stay shor to cover the current needs of the insured.
September has been designated internationally as life insurance awareness month. This is a good time for you to consider getting life insurance or updating the coverage you already have. We at Popular can help. Click here to request more information.
Insurance products are not deposits, are not insured by the FDIC or other federal government agencies and are not guaranteed by the bank.