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Reviewing your life insurance coverage

Posted July 17, 2013 in Advice Column, Ankeny

What’s most important to you and your family in life may change over time. That’s why it’s necessary to periodically review your life insurance plan. You want to make sure that your plan adequately covers your needs.

You may decide to review your life insurance plan annually with your local life insurance representative. If not, it’s important to review your plan when significant events occur in your family’s lives. These events may signal the need for a life insurance review:
•    Recently married.
•    Becoming a parent.
•    Suffering a death in the family.
•    Retiring or nearing retirement
•    Children enrolled in high school or college.
•    Paying off a loan.
•    Buying or selling a house.
•    Changing jobs or recently being promoted.
•    Changes in employee benefits.
•    Enjoying a financial gain.
•    Interest in strategies to reduce potential estate taxes.
•    Taking out a loan.
• Children are now financially independent.

Remember, life insurance is the one product your family can count on for death benefit protection.

I’m single — do I really need life insurance now?
Whether you are single or married, your death will create a financial burden for your loved ones. However, you can lessen this financial burden with a life insurance plan.

Life insurance provides a death benefit that can help pay funeral costs, medical expenses or any outstanding debt. In addition your named beneficiary can receive your death benefit promptly after your death without paying income taxes on the proceeds.

Permanent life insurance offers a cash value in addition to the death benefit. This cash value is a sum in the contract that usually increases through the years on a tax-deferred basis under current tax laws. As your life changes, you may decide to draw on this cash value to help purchase a home, start a business or supplement your retirement income.

A registered representative. Securities offered through MWA Financial Services Inc., a wholly owned subsidiary of Modern Woodman of America, 1701 First Ave., Rock Island, IL 61201, 309-558-3100. Member NASD, SIPC.

Information provided by Modern Woodmen of America for Stoy Hall FIC, 201 S.E. Shurfine Drive, Suite 1, Ankeny, 515-289-4060,

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