(NAPSA)—Five days after purchasing a life insurancepolicy in late 2002, Mike Carpenter was hospitalized for severe stomach pain. Less than a weeklater, the 39-year-old father of one was diagnosed with colon cancer. Mike, a high school math teacher in Alabama, andhis wife, a surgical nurse, first soughtlife WG 7. insurance protection because Mike hada family history of heart disease and early male deaths. He wanted to ensure that his wife and their one-year-old son would be financially secure if he died. For Mike, this security in- cluded enabling his wife to pay off the mortgage and other debt and to fund their son’s college education. It also included providing them with an additional source of incomeif it was needed. As Mike continues with his cancer treatment, he is relieved to have gone through the financial planning process with a financial advisor and to have purchased life insurance. Says Mike, “T know that if I die, everything will be taken care of the way I wantit to be.” The Principles of Insurance Protection You never know whenlife will take a sudden and unexpected turn for the worse. Transferring risk through the purchase of insurance protection is fundamental to a secure financial life. For example, if you become disabled, disability insurance can help you replace lost wages. And in the event of an unexpected death, life insurance can help survivors maintain their standardofliving. If you haven’t addressed how you and your spouse want your family to be cared for if one of you becomes disabled or unexpectedly dies, it’s critical to do so. And it’s important to address these concerns whetheror not you both generate an income. Theloss of a stay-at-home parent can be a costly. In fact, based on the U.S. Bureau of Labor Statistics, if being a stay-at-home parent was a profession, the salary would run roughly $65,000 a year. In addition to examining how life insurance offers protection in the event of death, look at its other advantages. Many of today’s policies can also provide emergency income, college funding, supplemental retirement income, estate planning and more. Family Security and Cash Reserves In addition to insuranceprotec- tion, family security means having adequate cash reserves. Financial experts advise putting aside enough moneyto cover three to six monthsofliving expenses. For help examining which combination of insurance and financial products will best enable you to meet your financial goals, consult with a knowledgeable financial advisor. Call American Express Financial Advisors at (800) 432-0788. American Express Financial Advisors Inc. Member NASD. American Express Company ts separate from American Express Financial Advisors Inc. and is not a broker-dealer. Insurance products offered through IDS Life Insurance Company, Minneapolis, MN outside New York, and through IDS Life ofNew York inside New York. The hypothetical example is provided for illustrative purposes only and should not be deemed a representation ofpast or future results. This example does not represent a specific product, nor doesit reflect sales charges or expenses.
