Think You Don't Need Life Insurance? Think Again!

FOR IMMEDIATE RELEASE CONTACT: Jeff Bowers
Bowers Advisory Group, LLC
THINK YOU DON’T NEED LIFE INSURANCE? THINK AGAIN!
If Anyone Depends on You Financially, You Need It, Says Local Insurance Expert
Hagerstown, Maryland - If you died tomorrow, how would your loved ones fare financially? It’s not a pleasant scenario to think about, but not doing so can have serious consequences. September is Life Insurance Awareness Month, and Jeff Bowers, CFP, CFBS with Bowers Advisory Group, LLC in Hagerstown, Maryland is asking people to think about their life insurance needs and make sure their families would be protected if the worst were to happen.
”The fact is, most Americans need life insurance,” says Bowers. “If someone depends on you financially, you need life insurance. It’s that simple. Unfortunately, roughly 70 million adult Americans have no coverage at all, and most of those who do have far less coverage than financial experts recommend.”
Life insurance, Bowers points out, provides cash to your family after your death. Known as the death benefit, it can help your family pay for the funeral and other final expenses, eliminate credit-card balances and car loans, and provide loved ones with income to live on for a period of time.
Whether a person needs life insurance depends on his or her particular situation and financial objectives. For help determining if you need life insurance, Bowers describes why coverage needs to be an important consideration for each of the following six scenarios:
You’re Married. Married people share a life with one another, but also share financial obligations. If you died suddenly, would your surviving spouse have enough money to pay for your final expenses and buy time to adjust to a new way of life? Life insurance can help ensure that these financial goals will be met.

You’re Married With Kids. Having kids is the most obvious reason to own life insurance. If you and your income were suddenly gone, would your spouse and kids be okay financially? Life insurance replaces lost income to help make sure those who depend on you will be provided for, no matter what life throws your way.

You’re a Single Parent. As a single parent, you're the caregiver, breadwinner, cook, chauffeur, and so much more. You need to make doubly sure that you have safeguarded your children’s future in case you are no longer there to care for them. Make sure you have enough life insurance and designate who will take care of your children in case the unthinkable were to happen.

You’re a Stay-at-Home Parent. Just because you don't bring home a paycheck doesn't mean you don't make contributions to your family that would be expensive to replace. If you were no longer there, could your spouse afford to pay someone to provide the childcare, transportation, cleaning, cooking and other household responsibilities that you handle every day?

You’re Approaching Retirement. The kids may be gone and the mortgage paid off, but that doesn't mean Social Security or your savings will necessarily take care of everything that lies ahead. If you died tomorrow, would your financial strategy, without insurance, enable your spouse to maintain the lifestyle that the two of you worked so hard to achieve?

You’re a Small Business Owner. Life insurance can help protect your business in a number of ways in the event you, your partner, or a key employee dies prematurely. A buy-sell agreement funded with life insurance allows surviving business owners to buy the company interests of a deceased business owner at a previously agreed-on price. Key-person insurance can provide business owners with the flexibility to hire a replacement when the key employee dies.

“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Bowers. “I urge everyone in Washington County to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”

According to Bowers, consumers can get a general sense of their life insurance needs by going to www.lifehappens.org/lifecalculator and using the online calculator offered by the LIFE Foundation, a nonprofit insurance education group. The next step, suggests Bowers, should be to contact a local insurance professional, who can conduct a more comprehensive needs analysis and help you find the right products to fit your specific needs and budget.

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. Roughly 70 million adult Americans have no life insurance, and most of those who do have far less coverage than most financial experts recommend. For more information on life insurance, visit LIFE’s website at www.lifehappens.org.

About Jeff Bowers, CFP, CFBS
Bowers Advisory Group, LLC

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1. Put your mail and newspaper on hold or have a neighbor gather each day.
2. Timers on you lights to go on and off at various times. If possible, have your television or radio come on to give the effect someone is home.
3. If possible, park a car in your driveway.
4. Let a responsible neighbor know that you are going away and a contact number to reach you in an emergency.
5. If you have an answering machine, make sure the message indicates you can’t get to the phone not that you are away.
6. Make sure window and doors are secure and locked. Sometimes when rushing to leave on vacation, the locking of the door is overlooked.
7. Arm the security system and advise Alarm Company you are out of town.
8. Hire a house sitter that you trust.
9. Check that all electrical appliances are turned off.
10. Remove perishable foods from the refrigerator.
11. Adjust thermostats to save on electricity.
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