Recession, layoffs and falling stock and bond prices seem to be knocking over the pillars of our financial security, one by one. Many of us have either lost a job or have a friend or family member who has. All of us have been hit with painful losses in the value of our homes and in our savings and investment accounts. One source of financial security still stands strong, however, and that’s life insurance.
While so many aspects of people’s financial lives look bleak at the moment, life insurance continues to do exactly what it was designed to — serve as the foundation of your family’s financial security. If you own a term life policy, the death benefit it would pay if you died tomorrow is unchanged from a week, a month or a year ago. If you own a whole life policy, your death benefit is also guaranteed and your cash values have actually grown over the past year, not declined. In this tumultuous economy, you can take comfort in knowing that life insurance — whatever type you may own or intend to buy — can provide some certainty and stability at a time when both are in short supply.
While it may seem difficult nowadays to look beyond the bills that are due at the end of the month, you should consider buying life insurance or adding to existing coverage. It will provide an anchor of stability to your family finances, ensuring that your loved ones will be financially secure when you die.