Do You Have Enough Life Insurance?
World events remind us why we have coverage. Take time to review your current situation.
For many people, life is more uncertain than ever before. From the coronavirus pandemic and ensuing economic recession to the ongoing civil unrest, we’re living in unprecedented times.
If you have life insurance, you’re among the majority of Americans who own a policy or are considering purchasing one this year. But owning a life insurance policy doesn’t mean you never have to think about it again. In fact, you should review your policy every year to determine if your needs have changed—and perhaps this year more than any other, given the shift in our collective job security, overall health, and financial well-being.
Determining your current need is an important factor when it comes to making sure you’re appropriately covered. Our Collegiate Alumni Life Calculator is a great way to assess the amount of money your family would need to meet financial obligations, like mortgage, utilities, food, clothing, and debt payments, if they no longer could rely on your salary. Add to that educational expenses, retirement plans, and other long term financial goals you’ve set for your family.
Even if you have employer-sponsored life insurance, you should view it as complimentary to your own policy. For most Americans, employer coverage is usually not enough. And if you’re concerned about your job stability in the wake of the current crisis, coverage provided through work is at risk too. A recent study reports a decline in the number of employers offering benefits, so even if you keep your job, there is no guarantee that your coverage will continue, especially as employers attempt to rebound from recent events.1
Perhaps you’ll find that you already have enough life insurance to provide security for your family should something happen to you. But if you decide you do need additional coverage, the Alumni Insurance Program offers many choices. And if you’re unsure, we have advisors available to discuss your situation and walk you through various options.
12020 Insurance Barometer Study Life Happens and LIMRA.