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If you could write a check to cover everything your family needed in the event that you weren’t there to help them, for how much would you write it? 

Let’s say you’re a healthy 35-year-old with a spouse and 2 children.  Although you could never be replaced, how much income would be needed for your family to be comfortable?  As an estimate, let’s say you earn $45,000 per year.  Many people take home about two-thirds that amount, or in this example, $30,000 per year.  Using very simple math, if your family needed your support for 35 more years, they may need over a million dollars! 

Considering that many people obtain life insurance through their employer, it’s not surprising that the number of households in the US who have life insurance coverage has declined from six years ago.  According to the industry research group, LIMRA, 30 percent of US households have no life insurance at all. 

Employers are in a great position to help their employees reduce the chances that their families will be at risk.  Many options are available to employers that include both employee-paid and employer-paid products.  Other options include offering a flat amount of life insurance, multiples of one’s annual salary, and a variety of plans including term insurance, universal life, and whole life policies.  Rates for group insurance are very affordable for most and may be converted to individual policies if the person leaves your employment.

To remind Americans about the security a life insurance plan can offer them, the not-for-profit LIFE Foundation coordinates Life Insurance Awareness Month.  LIFE’s website, www.lifehappens.org, provides a great deal of objective information about life insurance including an interactive tool, the Life Insurance Needs Calculator.  There’s also an interactive life insurance product selector, as well as tips to select a good agent.  If life insurance is already offered where you work, see your benefits administrator to learn more about what is offered.

As insurance consumers, we traditionally concentrate on protecting our homes, automobiles and other possessions.  If you were to compare the amount of money you pay to protect your possessions to that which you spend for your life insurance, how would the totals look?  If the balance is heavier on the side of your possessions, it’s time to re-evaluate how well you are protecting your most important asset, your family.

Blog Authored by: Jeanne Hines, SPHR

Posted 1:09 PM  View Comments

Tags: insurance
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