Certain types of insurance are considered necessities by most people.   Home and auto insurance, for example.   You’ve got to have it.  Health insurance is also seen as a no-brainer by most.  Since we know we need these insurance coverages, we include the premiums in our household budgets and pay the bills when due, even when money is tight.

Life insurance, on the other hand, is an easy purchase to put off.  Unless you have had a close call, or know someone who has passed away and left their loved ones struggling to pay the bills, it’s not a topic you think about too often.  But maybe it should be.

September is Life Insurance Awareness month.  Do YOU need to be more aware?  Here is a rule of thumb:  If someone will suffer financially when you die, chances are you need life insurance.  If you were to die tomorrow, how would it affect your loved ones financially?  Would they have enough to pay for your funeral costs, and any medical and legal bills that may have been incurred?  Would they be responsible for any unpaid loans or credit card bills?  Without your income, can they cover ongoing living expenses like rent/mortgage, insurance, food, clothing, healthcare, and transportation?  What about future expenses such as college and retirement?

Purchasing either Term or Permanent life insurance can give everyone peace of mind in the event of an untimely death.  Paying the premiums is not fun, but relieving the financial burden for the ones left behind is—–as the saying goes, PRICELESS.