Boomer Shares His Eisason life lesson During the life insurance awareness month

Imagine this scenario: Two teenagers and a 7 year old suddenly a single parent when their mother died of cancer. Their father is doing his best, but three hours round trip to work, it is difficult to be there as much as he wants for his children. And the fight is not only one of the time because the mother of the child had no life insurance, no money available to pay the extra help they need to take care of all these responsibilities and duties that once handled.

For Boomer Esiason, a former NFL MVP quarterback and now a seasoned radio broadcaster and television, this scenario was too real. He was 7 years old who saw his father, Norman, struggle to manage the dual responsibility of being the only parent and breadwinner. "They gave me a life lesson early," Boomer said. "It was not the easiest life of my father sacrificed a lot."

Unfortunately, Boomer circumstances are too real for many other households where a key supplier of the family died and that being under or uninsured, close left reeling from the emotional loss and financial hardship. statistics show that only 44% of households have individual life insurance, which, combined with a reduction in the number of consumers with group insurance, leaving about a third of people without insurance at all. And a third of those with life insurance do not think they have enough

which group do you belong :. the the underinsured or uninsured group lucky enough insurance to ensure that would be left behind? If you're not sure, then this month, which is life insurance awareness month is the ideal time to conduct an assessment of the insurance.

where to start

Make a list of your current insurance coverage and individual life group, the amount of benefits for each type and your total coverage. (Hint :. This is also a good time to make sure your beneficiary information is updated)

Then use the life insurance life needs calculator to determine how much your family will need when you are gone, not only to pay final expenses, but also future income is needed to support the household. (Note: Even if you are not financially contribute to the household for example, you can be a parent, your role is in the home has a dollar value if you are not there, chances are that someone one would have to. be hired to manage part or all of the responsibilities that fell under your jurisdiction.)

Surprised by the amount of the calculator recommends should be provided for? Many people are! Now it's time to call an insurance professional who can advise you on the best type of life insurance to buy to meet your needs and goals:

• the term life insurance provides protection for a specific period of time ( "term") - from one to 30 years with 20 years as Commonwealth and generally pays a benefit only if you die during the
• permanent "term." life insurance provides lifetime protection while providing the ability to accumulate cash value on a tax-deferred basis, and remain in force as long as premiums are paid. Permanent insurance includes whole life, variable universal life and variable universal life life.

Your insurance advisor can also recommend some options and riders to consider such as accelerated death benefits and advise you on medical tests will be needed before the policy is in force.

Make sure you understand all the options, the cost of your premiums and the amount of benefits of the policy. As for naming beneficiaries, the following suggestions may be helpful :.

• name always one "contingent" or secondary beneficiary, just in case you Outlive your primary beneficiary
• When naming beneficiaries, be precise to avoid confusion and ensure that the person received the amount of the benefit.
• Select a specific beneficiary, rather than having the proceeds of your life insurance paid to your estate. This allows the recipient to access funds immediately, rather than waiting until the policy requires approval with the rest of your assets.

Be intelligent life insurance. Use Life Insurance Awareness Month to ensure that you do everything you can to protect those you love!