Wealth News

September 2014

September is 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 Public Service Credit Union is proud to be supporting this industry-wide effort. The main purpose of life insurance is to provide financial security for your family. 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, 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.

The Importance of Life Insurance Policy Review

As part of your life insurance review, some additional components can be critical to your plan and to keeping pace with changing lives.

  • Beneficiary designations – those who will receive proceeds – may need updating.
  • Health may have improved since the policy was purchased, creating an opportunity for lower cost insurance.
  • Premiums on term insurance can increase upon renewal, prompting a move to consider a permanent, fixed premium policy.
  • Loans or withdrawals may affect your policy performance

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

Who Can Help Me?

As there often seems to be an unmanageable number of variables in navigating your unique financial situation, the aid of an experienced financial professional can be a valuable resource. The financial professionals here at your credit union will work closely with you to help assess your needs. Contact your credit union today!

Source: www.lifehappens.org

 

HAVE YOU READ…?

Before It’s Too Late – Don’t Leave Your Loved Ones Unprepared by Emily Oishi & Sue Thompson

 

INTERESTED IN LEARNING MORE?

We specialize in helping people maintain a healthy financial balance and discover smart money strategies. Call us to set an appointment to review your investment objectives, and to discuss any questions you might have. We look forward to speaking with you! Click here to contact a CFS Investment Representative at PSCU.

 

Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Public Service Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.CUSO Financial Services, L.P. (CFS) does not provide legal or tax advice. For such guidance, please consult your tax and/or legal advisor.