For Immediate Release: Life Insurance Awareness Month

How Much Life Insurance Do You Need?

How much life insurance do you really need?

It’s a great question, and it’s especially pertinent now as the life insurance industry is planning a month-long campaign to encourage consumers to consider their life insurance needs. September will mark Life Insurance Awareness Month and Mutual of Omaha agent Nathan Bernstein of Naperville is proud to be supporting this industry-wide effort.

The main purpose of life insurance is to provide financial security for your family, said Bernstein. “Life insurance helps ensure that when you die your family will have the financial resources it needs to provide for your spouse, children, an elderly parent or some other dependent.”

Life insurance also may be used to meet a variety of long-term financial planning goals. It can help provide educational funds for your children or funds for your own retirement.

So How Much is Enough?

There are no hard and fast rules for determining how much life insurance is enough, Bernstein said, because no two families have exactly the same needs. The bottom line is, if you provide financial support for people who depend on you, you probably need life insurance.

Consider how the proceeds can be used:

• To provide ready cash for final expenses. These expenses could include funeral costs, medical expenses, probate fees and estate taxes

• To pay off outstanding debts – not only hospital bills, for example, but a mortgage or an auto loan

• To provide replacement income in amounts necessary to cover:

  o A readjustment period of two or three years after your death. Even if you are a two-income family, it takes time to adjust to one paycheck instead of two. If you were the sole breadwinner, with young children at home, your spouse’s need for a readjustment period is obvious

  o The period while children under age 18 are still at home and dependent; also, the college years
        
  o The years between the time the youngest child becomes independent and the time the surviving spouse reaches retirement age

  o The period after the survivor retires and receives Social Security or a pension

According to Bernstein, a life insurance professional can help determine how much life insurance your family will need, based on the extent of your financial responsibilities and the kinds and amounts of your other resources.

“Take the time today, during Life Insurance Awareness Month, to help ensure your family’s financial security,” said Bernstein. “Talk to your insurance professional and get help in finding the right products to fit your specific needs and budget.”

Mutual of Omaha is a full-service, multi-line organization providing insurance and financial services products for individuals, businesses and groups throughout the United States.

Mutual of Omaha Insurance Company
Mutual of Omaha Plaza, Omaha, NE 68175
Phone: 402-351-2544 Fax: 402-351-2407
www.mutualofomaha.com

CONTACT:   
Nathan Bernstein, (630) 684-0363 ext. 246
nathan.bernstein@mutualofomaha.com
www.nathanonline.net

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