Are You Financially Exposed?

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Many people understand the need for life insurance but keep putting it off until it is too late. You may think that life insurance is confusing, expensive and complicated.

You may think you don’t know enough to make the right insurance decisions for you and your loved ones. However, postponing this decision leaves you and your family exposed financially.

The following assumptions are both common and erroneous:

Assumption #1: I’ll always be able to buy life insurance.
If you develop a health condition, it may make you uninsurable or could make life insurance too costly for you to afford.

Assumption #2: I’ll get life insurance later, when I’m older or have a family.
Life insurance may be needed at all stages of life. Whether married or single, male or female, with or without children, you may have financial obligations that need to be met. Life insurance provides financial security for you and your loved ones.

Assumption #3: My family and I are covered by the group insurance at work.
To meet the future needs of your family, you should have seven to 10 times your annual income. Most group term insurance amounts offered by employers won’t meet this need. And remember, you usually lose group insurance coverage when you leave your employer.

Assumption #4: My husband has life insurance, so I don’t need it.
Women often live longer than men but not always. There are countless stories of men who have had to shoulder the family financial burden along with the emotional burden after losing their wives.

Assumption #5: My family can cover funeral and burial expenses.
Burying a spouse or loved one is the most stressful times in a family’s life. Having life insurance can reduce financial concerns for the family.

Take the time now to review your needs and ensure that you are providing adequately for yourself and your family.  For more information, or to review your current policy, please contact my office or an insurance professional.

About the Author

Audrey McFarlin is a State Farm® agent. Contact her 24 hours, seven days a week, by phone or e-mail at 708-371-3555, or

More Articles by Audrey McFarlin

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