Life insurance: Now more than ever

Written by admin   // September 12, 2011   // 0 Comments

While rebuilding your financial picture, don’t forget to insure your family’s
livelihood

MINNEAPOLIS–The recent economic turbulence has caused many
Americans to take a closer look at their financial picture as well as
re-prioritize their wants and needs. But there is one area that is
still often overlooked, even on purpose.

Would your family be okay financially without you?
No one wants to think in those terms, but given that many of us are
still in the financial rebuilding stage, you need to ask yourself,
‘Would my family be OK financially without me in the picture?’”
says Julie Halgren, director of protection product marketing at
Thrivent Financial for Lutherans.

Life insurance is one of the few guarantees your family could rely on to
maintain their quality of life, Halgren points out. September is Life
Insurance Awareness Month, making it a good time to take stock of
your life insurance needs.

As difficult as it may seem to look beyond the bills due at the end of the month,
“you should make it a prior­ity to maintain your current life
insurance or get coverage if you don’t have it,” says Halgren.
“It will provide an anchor of stability for your family’s
finances, ensuring that your loved ones will be financially secure
when you die.”

For those without any life insurance, or for those who may need more because of changing
circumstances, Thrivent Financial offers the following steps to get
started:

Step 1: Determine how much life insurance you need. Start by
figuring out how much of your income would need to be replaced for
your family to maintain its standard of living. Add up your family’s
current and future financial obligations and subtract from that
number the financial resources that will be there when you’re gone.
The remaining number is a good target to shoot for when buying
insurance. For more help with calculating your insurance needs, use
the calculator found at
Thrivent.com/insurance/life.

Step 2: Decide what type of
insurance you need.
There are two main
types of life insurance: term and permanent. Both offer advantages,
but the kind of coverage that’s right for you—term, permanent or
a combination of both—will depend on your personal situation and
financial goals. There are policies available to meet virtually every
budget and need. To get a better understanding of what might be right
for you, use the LIFE Foundation’s interactive product selector at
www.lifehappens.org/whatkind.

Step 3: Understand your buying options. You have several options when
it comes to making your life insurance purchase. There are insurance
professionals in the community who will sit down with you, free of
charge, to assess your life insurance needs, and then recommend the
type and amount of coverage for your situation and budget. You may
also be able to obtain life insurance through your employer. Check
with your benefits manager at work to see what your options might be.
Additionally, you can purchase life insurance online through one of
many insurance websites, which typically offer policies from a
multitude of insurance companies.

The most important thing is to get the coverage,” says Halgren. “You
don’t want to leave your family’s financial future to
chance.”

About Life Insurance Awareness Month
Held each September, Life Insurance Awareness Month is an industry-wide effort that is
coordinated by the nonprofit LIFE Foundation. The campaign was
created in response to growing concern about the large number of
Americans who lack adequate life insurance protection: 95 million
adult Americans have no life insurance, and most of those who do have
far less coverage than most financial experts recommend
LIMRA
International, Person-Level Trends in U.S. Life Insurance Ownership,
2011. For more information on life insurance, visit LIFE’s website
at
www.lifehappens.org.

About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services
membership organization helping approximately 2.5 million members
achieve financial security and give back to their communities.
Thrivent Financial and its affiliates offer a broad range of
financial products and services including life insurance, annuities,
mutual funds, disability income insurance, bank products and more. As
a not-for-profit organization, Thrivent Financial creates and
supports national outreach programs and activities that help
congregations, schools, charitable organizations and individuals in
need. For more information, visit
Thrivent.com.
Also, you can find us on
Facebook
and Twitter.
Insurance products issued or offered by Thrivent Financial for Lutherans,
Appleton, WI. Not all products are available in all states.
Securities and investment advisory services are offered through
Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis,
MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned
subsidiary of Thrivent Financial for Lutherans. Thrivent Financial
representatives are registered representatives of Thrivent Investment
Management Inc. They are also licensed insurance agents of Thrivent
Financial.

Bank products and trust services are offered through
Thrivent Financial Bank, (Member FDIC, Equal Housing Lender), a
wholly owned subsidiary of Thrivent Financial for Lutherans.
Insurance, securities, investment advisory services, and trust and
investment management accounts are not deposits, are not guaranteed
by Thrivent Financial Bank, are not insured by the FDIC or any other
federal government agency, and may go down in value.


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