Improving Your Family’s Financial Health by John Addison (NAPSA)—Safeguarding your income with life insurance is key to protecting your family’s finan- cial future. According to the Life and Health Insurance Foundation for Education, although 81 percent of Americans say they need life insurance, just 41 percent own individualpolicies. That number drops to 25 percent for households earning between $25,000 and $50,000. If you’ve been considering life insurance or want to check that your curAddison ——— rentpolicy provides enough coverage, the following tips could help: Don’t Put It Off The topic of life insurance is an emotional issue, making it easy to put off. However, if someone depends on you financially, it’s crucial that you obtain the right amount of life insurance coverage for your family. Talking to someone you are comfortable with can help. Look Beyond Employee Plans Many workplaces offer an employer-paid basic life insurance benefit, usually equal to one or two times your annual salary. Unfortunately, this is usually not enough. And what happens if you change jobs—or lose your job? Not all policies are portable, and there’s no guarantee your employer will provide this benefit. You Can Afford It Term life insurance rates are often lower than you might expect. In fact, Money magazine reports that with term, compared to a whole life policy, “you can purchase more coverage for fewer dollars, and rates have been dropping steadily in recent years.” Stay Covered How much coverage do you need? That depends on yourcircumstances. However, many financial experts recommendthe following rule of thumb: Purchase an amount of coverage equal to six to 10 times your annual gross income. If you're still unsure, ask a financial adviser to help determine what’s right for your family. Stay Up-To-Date It’s a good idea to review your coverage every few years or when changes occur, such as buying a house or having more children. When was the last time you reviewed your policy? If it’s been more than two years, chances are you could benefit from a review. Learn More Financial professionals at Primerica have created a guide that can help you understand your insurance options and take control of your financial life. To get a copy of “How Money Works,” write to Primerica, 3120 Breckinridge Blvd., Duluth, GA 30099, ATTN: Corporate Relations, or call (770) 564-6329. For more information, visit www.primerica.com. John Addison is co-CEO of Primerica, a subsidiary of Citi- group, Inc.
