Gabriel Lalonde
March 17, 2021

Do You Have Enough Life Insurance?

Life insurance is one of those topics we tend to avoid.

Nobody wants to think about the end of their life. But if you want to make sure your family is taken care of after you’re gone … then your life insurance plan must be up to the task.

Therein lies a common problem.

Some people mistakenly believe that the life insurance policy sponsored by their employer will provide enough coverage. In their minds, they’ve checked the box. In reality, that policy may not be enough to take care of your family. Some employer-sponsored plans barely cover funeral expenses!

So, what should you do?

1) Check employer-sponsored coverage

If you have coverage from your employer, find out the exact amount of money the plan will pay out. Be sure to read the fine print (and double-check listed beneficiaries on that policy)!

Many employer-sponsored plans pay out a multiple of your annual salary. And that insurance benefit may seem like a lot of money right now. But without your regular paycheck, your family will need a way to cover ongoing living expenses – and those costs can add up fast.

Once you know how much your employer-sponsored plan will pay, you can determine if you need additional coverage.

2) Get the facts about life insurance premiums

Life insurance can seem like a luxury item. And yes, there are many plans with high-priced premiums. But there’s a plan for every person and every situation.

It’s true that if you’re older or have a health condition, your premiums may be more expensive than premiums for younger and healthier people. Still, it may not be as expensive as you think! The only way to find out is to shop for a policy and see what’s available for you.

Unfortunately, people tend to overestimate the cost of life insurance in their minds … so, they don’t even get a quote. That’s a mistake.

Get the facts before making a decision. You may be able to get a lot more coverage than you realize.

3) Work with a trusted advisor

If you want to find the best deal on life insurance, then get help from a specialist.

An advisor can help you find the right type of insurance policy for your situation — and help you make sure you get the best price.

If you follow these guidelines, you’ll know what life insurance coverage you have today — and what options are available for you. Then, you can sleep easy knowing your family will be taken care of should something happen to you.

But don’t wait too long to get your life insurance plans settled. This is not something to put off. It’s an important decision for your family’s financial future.

If you need help with your life insurance needs, then call our office at MDL Financial Group.

We can make recommendations, if you like. Or, we can just verify that you have the right coverage for your family.

If you need any help, call our office today.

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