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A New Year's Must:
Your Life Insurance Checklist

“Are you and your family protected from financial burdens? Performing an annual life insurance checkup is a great way to find out. Start now with our Life Insurance Checklist.”

It’s the New Year. Congratulations, you have officially survived the hectic holiday season! Like many people, you likely have a few New Year’s resolutions you plan to set in motion. If completing an annual life insurance checklist isn't one of them, you definitely need to keep reading.

According to the humorous website List25, five of the top 25 most popular New Year’s resolutions have a direct correlation to this blog post:

  • Save money (#19)
  • Get organized (#17)
  • Spend more time with family (#16)
  • Enjoy life to the fullest (#14)
  • Stop procrastinating (#13)

How so?

While the importance of family and living life to the fullest rank high on annual ‘Resolution’ lists, Americans in an annual insurance study said it is unlikely they will buy life insurance within the next 12 months. If family and a full life are, in fact, high priorities, protecting those assets seems like a no-brainer. Right?


Consider the facts

That same study said that most Americans put other financial priorities ahead of purchasing life insurance:

  • 29% of millennials choose saving for vacation.
  • 23% Gen X'ers choose paying for recreational activities such as going out to eat, movies or shopping.
  • 49% of those 65 and older choose paying for expenses such as internet, cable and cell phones.

It also said cost is the reason most Americans give for not owning life insurance. Yet 80 percent of consumers misjudge the price for term life insurance. Millennials overestimate the cost by 213 percent and Generation X'ers overestimate the cost by 119 percent!

FACT | Millennials overestimate cost of life insurance by 213%! (LIMRA 2015 Insurance Barometer)

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Selecting the proper life insurance protection is far less difficult than you likely imagine. There are plenty of online tools available to guide you through the process. We've put together a handy checklist to be used in conjunction with our Life Insurance Needs Calculator. Completing this checklist is a great place to start when you're considering purchasing life insurance.

Keep reading to learn more about using these tools to protect yourself and your family.

young mother and father paint with their children

Can Your Family Survive the Financial Impact of An Untimely Loss?

Plain and simple, life insurance is not an exciting thing to buy. You don’t get the same rush as when you buy a new car, spend money on a vacation or pick up your morning $4 latte on your way to work. While that last purchase is a bit tongue-in-cheek, you might be surprised to learn that life insurance can cost as little as $1 a day for a healthy adult. Likewise, a healthy 30-year old man would pay less than $13 a day for a 20-year, $250,000 level-term policy.

An easy way to consider the importance of life insurance is by posing this question to yourself. How great of a financial impact would it have on your family if you died tomorrow? If you responded “impossible”, “difficult”, “tough” or somewhere in between, you should make room in the budget for life insurance.

FACT | Nearly 1/3 of Americans feel the loss of the primary earner in the household would be felt within the month. Another 1/3 have no idea. (LIMRA 2016 Insurance Barometer)

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So, how do you decide if life insurance is a good fit for you? And, just as important, how do you decide which life insurance product is suitable for you?

A great first step is to estimate your family’s expenses in case of your death. Determine your estimated expenses using this Life Insurance Needs Calculator.

Ready to protect your family?

Determine the recommended amount of life insurance you need.

Now that you've determined how much life insurance you'll need, it's time to complete your annual life insurance checklist.

How to Get Your Life (Insurance) in Order

Whether you’re planning your annual review with a financial professional, collecting your financial information in one place, or trying to decide if life insurance is right for you, a yearly checklist can be a useful and convenient tool. It’s also a good way to track any changes in your life that might have an impact on your finances later.

FACT | Nearly 9 in 10 consumers agree that most people need life insurance. (LIMRA 2016 Insurance Barometer)

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Ready to get started? Here’s a Life Insurance Checklist to help you consolidate your needs and the needs of your family all in one place. Upon completion of the checklist, you will have a useful tool to take the next step...

Selecting the right insurance products.

young couple completes life insurance checklist

There are many different types of life insurance plans to choose from. Every plan has its own advantages and disadvantages. If you used the Life Insurance Calculator and completed our Life Insurance Checklist, you should have a pretty good idea of which plan will best suit your needs. If you still have questions, it's a great idea to ask a specialist. We have licensed insurance experts ready to help. Give us a call at 844-847-3800 to speak with one.

By using the tools provided above, you’ve taken the first steps to protecting your future. You’ve calculated your life insurance needs, completed a life insurance checklist and found products to suit your specific needs. Congratulations! You now have the peace of mind that comes with protecting your future and your family’s future.

Happy New Year!

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