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Knowing When You Need Life Insurance

Sep 19, 2013
While life insurance isn't fun to buy, it's a critical part of many financial plans.

Few people get a shopper's high buying toilet paper, motor oil and toothbrushes. But perusing the aisles hunting down these items is like a shopper's paradise next to buying life insurance for most.

Life insurance ranks at the top of the list of things consumers know they probably should buy, but get no personal enjoyment from whatsoever. There's just no happy way to look at life insurance. In the best-case scenario, life insurance is just another bill to pay. And in the worst case, your family collects the benefits, but unfortunately you're dead.

But while life insurance isn't all that much fun to buy, much less talk about, it's a critical part of many people's financial plans. A life insurance policy is a pact between you and the insurance company. As long as you pay the bill, or premium, the company will be there to pay a death benefit to your beneficiaries if you pass away, giving them cash to get by.

The piece of mind consumers can get from owning a life insurance policy to protect their families from untimely death can be hard to quantify, but an important one nonetheless.

"In the stages of your life, right out of college to a young professional, you might have a first marriage and children come along," says [CFP Board Ambassador] Cary Guffey, financial adviser at PNC and [CERTIFIED FINANCIAL PLANNER™]. "You have a need for protection." Read more >

 

USA TODAY
Matt Krantz
September 19, 2013

 

 

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Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
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The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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