Something that most people are un-informed about is the importance of life insurance.
Did you know that half of Americans say they are under-insured? That’s 58 million* of us. And 70%* of people with kids under 18 say they would be in serious trouble if something happened to the primary breadwinner.?
It is statistics like this that lead us to making sure that our family is prepared in the event we should need it, especially since my hubby is the sole breadwinner. Now I could go back to work to support my family with my masters degree in education, BUT I could not afford to repay our student loans and other financial obligations, while giving my kids the life they are used to. So what are your options and what can you do to protect your family?
Options:
- Set up quality life insurance plans from a trusted company like All State . It’s easier and more affordable than most people think. As low as $20 a month in some cases. This is something that we have in place and recommend to others. You never know when a natural disaster like Irene or other incident may happen.
- Set up a savings account. You can do this with your local family bank. Or find out what options your bank offers and find one that is in your budget and meets the unique needs of your family. We do this as well.
- 401K or college fund. A 401(k) is a type of retirement savings account in the United States. A contributor can begin to withdraw funds after reaching the age of 59 1/2 years.
- Inform/educate your children what to do in case of a family emergency. This is something that I need to do. I think it is important to not only know ourselves what to do in case of an accident or disaster, but to inform our kids so they are prepared as well.
- Set Up CD accounts. A certificate of Deposit (CD) is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions. CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are “money in the bank”. CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions.
- Set up retirement savings. Retirement is the point where a person stops employment completely OR semi-retire by reducing work hours. Let’s face it we don’t want to work the rest of our lives. There will come a time when we want to sit back and enjoy retirement. I know I do.
What we have done is found life insurance and other financial options that work good for our family needs. I feel very strongly about it is better to be prepared then to wait and wish you had done something sooner. Did you know that someone life insurance policies allow you to borrow against what you have put in and some let you take money out. As if they are holding it for you.
Most people feel overwhelmed when they think about issues like this. Your local Allstate agent can talk you through your situation and help you plan for the future today. Allstate and their agents have been helping customers protect their families for over 50 years.
About Allstate Life Insurance
The Allstate Corporation is the nation’s largest publicly held personal lines insurer. Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies and Allstate Personal Financial Representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.
More information on Allstate Life Insurance: http://www.allstate.com/
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I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.
