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Get the facts

Posted March 19, 2014 in Advice Column, Winterset

Think about this: The annual cost of a 20-year, $250,000, level term life policy for a healthy 30-year-old consumer is roughly $150 a year, but according to a new LIFE Foundation and LIMRA study, Americans estimate the cost at $400.

Don’t let common misconceptions about life insurance keep you from securing adequate coverage. The truth is, regardless of your stage in life, you likely have a need for life insurance.

•    Just starting out. Whether single or married, if you have debt from college or a mortgage, life insurance can ensure you don’t pass on that burden. Life insurance benefits can eliminate the worry about paying final expenses, or keeping the mortgage or other debt payments current.

•    Affordable family protection. When children are part of your family, life insurance becomes even more important. The right life insurance policy can ensure your children will be provided for from the time they are small through college age or their lifetime, depending on the policy.

•    Single doesn’t mean alone. For single parents, life insurance can be even more important than for two-parent households. Some singles may provide care for aging parents or other family members. With adequate life insurance, you can help ensure your loved ones’ care and medical costs are covered, should something happen to you.

•    Empty nest offers room to grow. Your kids may be out of the house, but you likely still need life insurance to replace lost income now and in retirement if the unthinkable happens. Plus, while the house is “empty,” you may still wish to help your kids with college or pay for a wedding.

•    Financial safety net. Did you know that some pension plans cease paying upon your death? And for retired couples who are both receiving Social Security benefits, the lower of the two payments will end following the death of a spouse. You can count on life insurance to replace these sources of income and allow your spouse to continue the retirement lifestyle you planned.

As your circumstances change, it’s a good idea to review your life insurance plan. Ask your agent how different types of life insurance can create an affordable plan that protects you and your family.

Source: Life and Health Insurance Foundation for Education, Consumers Overestimate Cost of Life Insurance by Nearly Three Times, www.lifehappens.org, visited May 29, 2012.

Securities & services offered through FBL Marketing Services, LLC+, 5400 University Ave., West Des Moines, IA 50266, 877/860-2904, Member SIPC. Farm Bureau Property & Casualty Insurance Company+*, Western Agricultural Insurance Company+*, Farm Bureau Life Insurance Company+*/West Des Moines, IA. +Affiliates *Company providers of Farm Bureau Financial Services.

Information provided by Scot Clark, Farm Bureau Financial Services, 115 W. Court, Winterset, 462-4774, scotclark.fbfs.com.





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