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National Life Insurance Awareness Month

Perhaps Congress really does care what happens to “ordinary people”. It has looked upon our financial state and has decided it may not be good. It has declared that September shall be National Life Insurance Awareness Month, a time when we should sit down with our families to consider what arrangements we have made to deal with the risk of an early death. Of course, no one wants to think about this. It’s so much more relaxing to tell ourselves we will live into our Golden Years, retire gracefully and find grandchildren coming round on a regular basis to check out we are alright. Except the idea everything will always be alright is a really unsafe way to look at the world. In reality, everything that can go wrong, usually does go wrong.

The biggest risk is an early death before the family has been through the fire of bringing up the family. The possibility either partner may die before the children have achieved financial independence should be covered, if only by a term policy. At the very least, this policy should pay off the urgent debts and provide a way of continuing life without the missing income and support.

Once you are through the early years, the need for large cash payout on death may not be quite so important unless you are specifically planning to leave a lump sum to the children. So you should get more selfish and think about the risk your pension may not quite cover all your expenses, particularly if you have medical problems. It’s at times like this you feel the benefit of a policy with a cash sum. This is a policy you can sell on the secondary market and use the lump sum to buy an annuity or, if this is an emergency, you can borrow the cash sum. If you do borrow, always pay it back as soon as possible. The interest payments can quickly eat up the amount payable when the life insurance policy matures. If you find all this a little complicated, talk through your options with an expert and get life insurance quotes to see how much it will cost.

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