Life insurance allows you to care for loved ones even after your death

September is Life Insurance Awareness Month, so let's look at how Americans are planning for their future. According to Statista.com, only 52% of Americans own a life insurance policy. This means that nearly half of American families will lose a loved one and become financially responsible for the burial and assorted debts of their lost loved one. Imagine laying a family member to rest and the funeral director hands you a bill in the $10,000 range to cover the burial costs. Worse yet, imaging taking financial responsibility for remaining children without additional resources available.

These challenges are easily remedied by simple life insurance planning. Unfortunately, too many people get their life insurance guidance from their company's human resources department and not a trained insurance professional.

Most Americans do not seek professional advice, they receive life insurance from their employer and assume the employer knows what their family will need in the event of an untimely death. In order to determine the amount of life insurance needed, one must sit with a trained professional and do an analysis of needs, which also considers current assets and personal goals. Most agents who are qualified to provide this service will do it for you at no charge, and it should be reviewed every few years as things change.

Who needs life insurance and why? This is not an easy issue to unpack, so I will keep it simple. The purchase of life insurance is based on love. If you love someone, you want to take care of them whether it is providing an income for life or paying off debt or both. If you love someone and your death would cause them hardship, it may be time to have an insurance professional look at your insurance portfolio and make sure it will accomplish your goals when you are no longer here to provide for them.

Studies show that some people think life insurance is too expensive, while others never considered the need for it at all. What people do not know is that some life insurance companies have lowered their rates and eased their underwriting standards. Rates have never been lower, and medical requirements have been eased. A person under 45 can get up to a $2 million policy without a medical exam, and if you are between 45-55, you can get up to $1 million of coverage without an examination. Today, people with health issues can get coverage; advanced science has aided in this over time.

Americans insure their cars, homes, jewelry and boats to make sure they are covered against loss, but the one asset we neglect is our income. For most of us life insurance is the only way to protect future earning potential with guaranteed tax-free payouts in the event of death. A life insurance policy will continue to work hard for your family long after the insured is gone.

Adequate life insurance allows families to remain in the home they are accustomed to, children's education will not be interrupted, and the family will have the time to grieve without fear of losing more assets. Their financial decisions will be made from a position of financial power not financial weakness. It can save business partnerships that suffer the death of a partner. Money can be provided to the surviving partner(s) to buy out the spouse of the deceased rather than taking him or her in as a full partner.

Today's life insurance policies are far better now than ever before. Take advantage of expanded overall policy flexibility, generous underwriting and rates that have never been lower!.Don't let September pass without scheduling a review of your life insurance portfolio. Your family will be grateful in the long run.

Rick Bowers is the owner of Rick Bowers Insurance. Learn more at www.rbowersins.com.