Thursday, April 10, 2008

Just as the name implies, life insurance really is for the living.

Frank Hutto CERTIFIED FINANCIAL PLANNER, JK Harris Advisors, LLC Some people equate life insurance with tragedy and death. However, when you think about it, life insurance truly is for the living. In fact, many financial experts generally believe life insurance to be a cornerstone of sound financial planning.

Life insurance can actually be a cost-effective way to provide for your loved ones after you are gone. For instance, if you have children or other dependents, what would happen to them if they no longer have your income to rely on to pay even the most basic of household bills?

Without life insurance, your loved ones will have to worry about burial costs, credit card debts, medical expenses not covered by health insurance and maybe even estate taxes. With life insurance, they may be able to pay off a mortgage or auto loan, supplement their retirement savings or even fund college tuition.

Not so long ago, experts recommended that families carry a life insurance policy with a death benefit of between five and seven times their annual household income. Today, however, most advisors now recommend eight to 10 times the annual household income.

Unfortunately, recent statistics show that only approximately 61 percent of adult Americans actually have life insurance, and many carry about 300, 000 less than they should.

Life insurance is just one small way of making sure your loved ones are taken care of when you are no longer around to do it yourself. If you aren t sure what kind of life insurance to purchase or even how much, it s best to consult a professional financial advisor, such as JK Harris Advisors, LLC. JK Harris Advisors does not sell life insurance but can provide objective advice on the types of insurance you need to protect your assets and income.

Note: JK Harris Advisors, LLC, is a registered SEC company. The firm is affiliated with the JK Harris family of companies, which together comprise one of the nation’s largest organizations specializing in tax resolution and debt management issues. JK Harris Advisors does not sell stocks, bonds, mutual funds or insurance or manage investments.


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