Life insurance probably isn’t something you’re excited to sit down and talk about. We understand. But when you take away all the insurance terminology, it’s really pretty simple: life insurance is about taking care of the people you love.
September is Life Insurance Awareness Month, so it’s a good time to take a look at what you have, what you may need, and whether the coverage you put in place years ago still makes sense for your life today.
Why Do I Need Life Insurance?
Start with one question: If something happened to me tomorrow, would the people I love be financially okay?
Life insurance can help your family continue paying the mortgage, cover everyday expenses, replace lost income, pay for childcare or education, handle final expenses, and continue working toward the plans you made together.
And it’s not just for the person bringing home the biggest paycheck. Think about everything a stay-at-home parent does for a family. Replacing childcare, transportation, household responsibilities, and everything else they handle can come with a very real cost.
At the end of the day, life insurance is there to make an incredibly difficult time a little easier financially.
Term or Permanent? What's the Difference?
There are a lot of life insurance options out there, but most fall into two main categories.
Term Life Insurance covers you for a set amount of time, often 10, 20, or 30 years. It can make sense when you need more protection during a particular stage of life, like raising children, paying a mortgage, or building your savings.
Permanent Life Insurance is designed to stay with you for your lifetime, as long as the policy requirements are met. Some permanent policies can also build cash value over time. Whole life and universal life are two common examples.
There isn't one type that's right for everyone. Your age, family, finances, goals, and where you are in life all matter.
"But I Have Life Insurance Through Work..."
Great! Just make sure you know what you actually have.
It’s easy to check the life insurance box during open enrollment and never think about it again. But employer coverage may not be enough to meet your family’s needs, and depending on the plan, you may not be able to take that coverage with you when you change jobs or retire.
Your work policy can absolutely be part of the plan. It just shouldn't be something you assume is enough without checking.
When Did You Last Check Your Beneficiaries?
This is a BIG one, and one of the easiest things to forget.
Life changes. You get married. You have children or grandchildren. You get divorced. You lose someone you love. Kids grow up. Relationships change.
Meanwhile, that beneficiary form you filled out 15 years ago may still say exactly what it said 15 years ago.
Take a few minutes and check it. While you're at it, review the beneficiaries on your retirement and investment accounts too.
Do I Really Need Life Insurance?
Not everyone needs the same amount of life insurance, and some people may reach a point where they don't need it at all.
A 35-year-old with three young children and a mortgage has very different needs than a 70-year-old with grown children, no debt, and significant savings.
But we do think everyone should ask the question:
Who would be financially affected if I weren't here?
If someone you love depends on your income, your care, or the financial life you've built together, it’s worth having the conversation.
Life Insurance Is Just One Piece of the Puzzle
We don't look at life insurance by itself. It should fit into the rest of your financial life, your savings, investments, retirement accounts, debt, estate plan, income needs, and the legacy you hope to leave behind.
Maybe you already have exactly what you need. Maybe your coverage needs a small update. Or maybe life has changed quite a bit since you last looked at it.
September is a great excuse to find out.
Do I have enough coverage? Is it the right type? Are my beneficiaries up to date? Does my policy still make sense for my life today?
If you don't know the answers, that's okay. That's where the conversation starts. Call us today!
At Power Women Investing, we're here to help you connect where you are today with the vision of where you want to be tomorrow and help protect the people who matter along the way. ❤️