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Do you have enough life insurance?

Posted September 24, 2014 in Advice Column, Bondurant

Losing someone you love is never easy. Your emotional battles don’t need to be further complicated by financial difficulties. Life insurance protects those people you care about and who depend on you financially.

If you were gone tomorrow, could your family afford the funeral expenses? Is someone counting on your income to cover basic needs and/or future saving goals such as college or retirement?

For those families who choose to implement a financial plan, life insurance may be a core component. Generally income tax-free, life insurance death benefits deliver a degree of financial protection against the certainty of death and can help survivors achieve specific financial objectives such as completing a retirement plan, generating lifetime income, paying off the mortgage and providing funds for childcare, college education and more. You may also want to obtain coverage that will pay the estate taxes on a large estate so heirs don’t have to liquidate assets prematurely to pay them.

The vast majority of Americans are choosing, whether consciously or unconsciously, to remain underinsured. Life insurance can be simple and affordable. For many people, the secret is to start small and stick with it. As needs change, you can add coverage and refine your strategy for achieving greater financial security.

Financial representatives are trained to help assess your insurance needs, your tolerance for risk and the type(s) of insurance that would be most suitable for your particular situation. They will help you understand your benefits and will be available to answer your questions on an ongoing basis. It is important to regularly review your objectives. Whenever a major life-changing event occurs, you should contact your financial representative for a review.

Now is the time to take action and make decisions necessary to help improve your family’s financial security.

Jeff Meislahn is a financial representative of Principal National Life Insurance Company and Principal Life Insurance Company and a Registered Representative of Princor Financial Services Corporation. Securities offered through Princor Financial Services Corporation, 800/247-1737, member SIPC. Principal National (except in New York) and Principal Life are issuing insurance companies of the Principal Financial Group. Principal National, Principal Life and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392. Jeff can be reached at 515-771-8175 or Meislahn.jeff@principal.com.





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