Do you own Life Insurance?

Recent studies show that life insurance ownership is at a 35-year low with only 44% of US households owning some form of life insurance.* That statistic likely reflects the fact that families feel the need to drop their insurance coverage ahead of other items when times get tough. People need to understand that life insurance isn’t strictly a luxurious method used by wealthy people to pass funds along to the next generation. Rather, it’s a strategy employed to avoid potentially awful scenarios in which the loss of a loved one results in financial hardship for others. Even a basic, inexpensive term policy can help avoid such a situation from ever taking place. As a comprehensive wealth manager, I plan to go over my clients life insurance coverage in more detail during 2013. Most people are primarily concerned with the management of their investments but not with potential risk exposures in the form of lost income/wages and what coverage should be in place to minimize that risk. More on this below…

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