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Who’s Watching Your Family’s Most Valuable Asset?
By William Grossman
Benjamin Franklin was famously quoted as saying that nothing in this world is certain “but death and taxes”. Chances are, if you are like 69% of Americans , you’ve also pondered the inevitability of death and the effect your death would have on your family and loved ones. Congratulations if you’ve taken important steps to secure your financial personal affairs. Life insurance plays a key role, but if you own life insurance, are you reviewing your coverage on a regular basis?
Industry statistics show that 85% of insurance agents do not last more than 1.5 years in the business and only 5% last more than 5 years. Chances are the person you purchased life insurance from is no longer in business.
“Life is filled with life-changing events: the birth of a child, the purchase of a new home, losses in assets that your family would count on if you were dead,” said Bill Grossman, LTCFP, a 20 year insurance veteran. “The question is, are you making sure your life insurance is keeping up with your life?”
Grossman recommends reviewing your life insurance coverage every two or three years, or whenever you take on a new financial responsibility or obligation. Here are three big life events facing many of today’s Americans:
• You are refinancing or buying a new home
• You lost money in your retirement and stock accounts
• You are getting married or remarried
“These are just three of the life-changing events that millions of families face each year – events that can impact your family’s financial future,” Grossman said. Mr. Grossman offers clients a comprehensive list of the 10 most common life insurance mistakes and how to avoid them prepared by nationally known attorney Stephan R. Leimberg. Bill also points out that today’s life insurance is different than the products sold in the past. Today’s life insurance can provide living benefits including chronic illness, critical illness, terminal illness, and disability.
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