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September is Life Insurance Awareness Month

September is Life Insurance Awareness Month

September 11, 2022
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If you haven’t reviewed your insurance profile in a while, you may be surprised that what made sense in the past no longer fits your life.

Here are some ways to quickly evaluate your needs.

  1. Stop on a DIME - To use the DIME method, add up your Debt, ten years of Income, your Mortgage payoff amount, and the cost of your children’s college Education. This can provide a starting point for how much insurance coverage you may require.

  2. Look at Your Options - Do you need term life insurance (coverage for a fixed amount of time) or whole life insurance (a policy structured to last until you pass away)?

  3. Evaluate Costs - The price of a policy depends on your age, health, and the amount of coverage in the policy.

These methods can help give you a rough idea of where to start. But there’s no substitute for speaking with a financial professional, insurance agent, and estate planning specialist about the right approach for you.

After all, life doesn’t stand still, and neither should your life insurance policy.