With Life Insurance Awareness Month drawing to a close, W. Landon Watts, a wealth strategist who emphasizes retirement and insurance planning, is encouraging individuals to consider securing a life insurance policy before it's too late.
Watts, of Banyan Rock & Talent, a Raleigh, North Carolina-based firm specializing in retirement strategies as well as life and disability insurance, said there are a number of situations to consider before purchasing life insurance.
“As Americans navigate through these turbulent economic times, many families are having a hard time looking beyond the bills due each month,” Watts said. “They should make it a priority to maintain their current life insurance or get coverage. Doing so can provide an anchor of stability for a family’s finances, ensuring that loved ones are secure in a worst-case scenario.”
According to New York Life, life insurance should be purchased by anyone who has dependents who require their income to live on. Calculating the amount of coverage to purchase can be difficult, but factoring in basic annual expenditures as well as the cost of the policyholder's funeral is a place to start.