One of the worst calls an insurance advisor can receive is one that could have been prevented.  As we listen to the devastation in a spouse’s voice, we are thinking of all the things that happen that we don’t expect.  Something just happened to this family and they were not prepared.

A family has everything going for them, a successful business, a supporting spouse and happy and positive children.  You secure the best health insurance plan that money can buy.  Sometimes we fail to look at some of the things that medical expenses don’t cover.  Maybe because health insurance is a big enough purchase that we put other things, such as owning critical illness insurance and life insurance, to the side.  Your insurance advisor has probably mentioned this at some point in the process.  However, these polices are a necessity!  More people are surviving critical illness and no one is doing anything about it.  In addition, Americans assume they have adequate life insurance.

If you think it’s tough now, just wait until you are one of the 83% of couples who get cancer in their life time and you lose your primary source of income by not working to take care of your health.  Also, families skip out on life insurance. All it takes is someone to miss that stop sign or red light and it can change our world as we know it.  Recently, in less than two weeks since a lady inquired about health and life insurance a truck ran a red light and smashed into her car and killed her.  I’m sure she woke up that day thinking everything was going to be the same.  Statistically, just under 68% of families are either under insured or have no life insurance. Odds are against you for having enough coverage.

How much is enough?  In today’s economic times you may not want to spend a whole lot, if any, on critical illness insurance or life insurance.  I can tell you this, from my experience, that the benefit your family receives will always far exceed what you are paying for it.  The only question is how much does your family need?  $100K? $500K? $5Million? If you can’t afford what your family needs, start somewhere and work towards the rest as a goal.  Don’t give up because of the price of insurance.  Your family is going to depend on you to take care of them.  So, do you want to leave them empty handed or well taken care of?

As an advisor, I help you consider the amount needed and recommend the best policy based on your situation.  These are some of the questions you need to answer:

• How much do you need to replace your income?
• How much do you need to pay off your house?
• How much income does your spouse need for the rest of their life?
• How much would you like to leave behind for your children and grandchildren?

There maybe more questions based on your particular situation.  There can be additional tax advantages to some life insurance policies.  Any tax strategies should be consulted by a tax advisor.

In summary, it only takes one mishap and you will never have a chance again to make sure you family is protected.  The benefit that your family receives from having a critical illness insurance policy and a life insurance policy will far exceed the price of the insurance.  It might be the cost of a cup of coffee or a daily snack to make these benefits affordable.  The biggest question is do you want to leave your family empty handed or make sure you have the protection your family needs.