September WAS Life Insurance Awareness Month, but...

...what better way to start off the last quarter of 2022 than to review your life insurance policies to be sure beneficiaries are up to date and your coverage is appropriate.

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.  Please reach out to me at kmurphy@capfs.com today with any questions or to request a time to meet or speak by phone or Zoom.

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

^{Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a life insurance strategy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.}