The Star Democrat

Life insurance allows you to care for loved ones even after your death

- By RICK BOWERS Rick Bowers Insurance

September is Life Insurance Awareness Month, so let’s look at how Americans are planning for their future. According to, only 52% of Americans own a life insurance policy. This means that nearly half of American families will lose a loved one and become financiall­y responsibl­e for the burial and assorted debts of their lost loved one. Imagine laying a family member to rest and the funeral director hands you a bill in the $10,000 range to cover the burial costs. Worse yet, imaging taking financial responsibi­lity for remaining children without additional resources available.

These challenges are easily remedied by simple life insurance planning. Unfortunat­ely, too many people get their life insurance guidance from their company’s human resources department and not a trained insurance profession­al.

Most Americans do not seek profession­al advice, they receive life insurance from their employer and assume the employer knows what their family will need in the event of an untimely death. In order to determine the amo surance needed, with a trained pr do an analysis o also considers c and personal goa who are qualifi this service will at no charge, an reviewed every things change.

Who needs life why? This is not a unpack, so I will The purchase of is based on lov someone, you wa of them whether an income for lif debt or both. If y one and your dea them hardship, it have an insuranc look at your insu and make sure it w your goals when ger here to provi

Studies show th think life insuran sive, while others

the need for it at all. What people do not know is that some life insurance companies have lowered their rates and eased their underwriti­ng standards. Rates have never been lower, and medical requiremen­ts have been eased. A person under 45 can get up to a $2 million policy without a medical exam, and if you are between 45-55, you can get up to $1 million of coverage without an examinatio­n. Today, people with health issues can get coverage; advanced science has aided in this over time.

Americans insure their cars, homes, jewelry and boats to make sure they are covered against loss, but the one asset we neglect is our income. For most of us life insurance is the only way to protect future earning potential with guaranteed tax-free payouts in the event of death. A life insurance policy will continue to work hard for your family long after the insured is gone.

Adequate life insurance allows families to remain in the home they are accustomed to, children’s education will not be interrupte­d, and the family will have the time to grieve without fear of losing more assets. Their financial decisions will be made from a position of financial power not financial weakness. It can save business partnershi­ps that suffer the death of a partner. Money can be provided to the surviving partner(s) to buy out the spouse of the deceased rather than taking him or her in as a full partner.

Today’s life insurance policies are far better now than ever before. Take advantage of expanded overall policy flexibilit­y, generous underwriti­ng and rates that have never been lower!.Don’t let September pass without scheduling a review of your life insurance portfolio. Your family will be grateful in the long run.

Rick Bowers is the owner of Rick Bowers Insurance. Learn more at


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