The real truth is, like any other essential part of your financial portfolio, your life insurance coverage needs to be maintained and adjusted to keep pace with the economy, and your own life changes ...
Let’s say you bought a $250,000.00 policy just four years ago. To get that same buying power today, you’d need just over $70,000.00 more in coverage.1 Simply put, the more years that pass, the more inflation chips away ... and the less your family’s payout will be.
The same goes for final expenses, too. The average cost of a funeral service, casket and vault is now up to $8,755.00. (A 100% increase in only 20 years.2)
But that’s just part of the picture. You also need to keep in mind how your family and overall financial situation looks now, compared to when you took out your policy ...
Has your annual income changed significantly? Have you added a second income earner to your household? Bought a bigger house? Married? Divorced? Taken on increased debt? Started a business? Do you have small children? Kids headed to college?
If you answered yes to any one of these questions, now might be a good time to re-evaluate your life insurance coverage to make sure you have the kind of protection your family really needs. And while you’re at it, be sure your beneficiary list is up-to-date and just the way you want it, too.
Remember, life insurance can be a wonderful way to bolster your family’s future financial safety, (and give you peace of mind), but only if it accurately reflects your changing world. A small investment of your time for an honest review could repay your family many times over in the years to come.
And remember, too -- whether you need to start new coverage or increase what you already have, AOPA not only protects your freedom to fly, but also provides you access to valuable Group Term Life Insurance at members-only group rates. Best of all, with this coverage, there are absolutely no general aviation exclusions whatsoever. To learn more, simply call 1-844-304-2672 (AOPA) or visit www.aopainsurance.org/life.
1US Inflation Calculator, www.usinflationcalculator.com. Viewed 7/1/2019.
2National Funeral Directors Association, www.nfda.org/news/statistics. Viewed 7/1/2019.
Group Term Life Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN).
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