Desjardins Financial Security - Insurance Can Speak the Language of Love, too

The Evening News (New Glasgow)

Pictou County, Wednesday, February 13, 2008, p. 2

Oehmen, Russ

What is a romantic gift? Ask your dear one about the appeal of a gift that brings peace of mind, stress relief, and a measure of income security; chances are, you'll be told that such a gift is most thoughtful and caring indeed.

Many of us focus our careers and priorities on providing a good life for our families and ourselves. Amid the responsibilities of raising a family, running a house, or building a business it is easy to dismiss life insurance as an unnecessary expense. However, providing a good life means protecting it as well as creating it. Life insurance can help do that by passing income to family members in the event of your death. Plus, the money will not be taxed if you paid premiums with after tax income.

Those who choose life insurance are not only choosing a product that will financially assist their families and estates in the event of their deaths, they are providing security now in knowing that should the unthinkable occur, all that they have worked for and hold dear will be protected and maintained. Losing a loved one is a very sad and lonely experience but having the income to continue to satisfy the family needs can be a great comfort.

Contrary to popular belief, life insurance does not have to be expensive or complicated. There are products tailored to a variety of needs and budgets.

Term life insurance, for example, provides coverage for typically one, five, or 10 years at one premium level, then increases in premium and expires when you reach 75 or 80 years of age. A step up is Term to 100 policies, where you pay fixed premiums for as long as you live. These products are low-maintenance and of modest cost, depending on the coverage desired.

Permanent products such as whole life and universal life insurance are more expensive, but offer investment returns and dividends as well as insurance protection. The cash value accumulated through investments can allow payments to cease at a specified age, or provide cash for a specific purpose such as retirement, a child's education, or another event of your choice.

If you do not have any life insurance, the best time to get it is now. The younger and healthier you are, the lower your life insurance premium: applicants in good health between the ages of 20-35 get among the best rates in the industry. Start with what you can afford. Policies can be upgraded as needs change and income increases. Even if you can't afford complete coverage, a small policy can provide some support when needed. If you currently have life insurance, be sure to revisit it regularly with your agent to keep on top of any deadlines or changes.

In fact, researching and monitoring your life insurance policy is as important as the actual purchase. Knowing how life insurance works, and how your monthly premiums translate into protection for your family and estate, can go a long way in helping you and your family feel secure now and in the future. Where there is security, there is strength, confidence and peace of mind. And yes, romance, too.

You want to protect the people and things you love. Insuring your life can help provide that protection, whatever your needs, and whatever the season. Love life: insure it!

Russ Oehmen is a New Glasgow-based benefits consultant with professional degrees in financial planning and consulting, life underwriting and business and public administration. Comments and questions may be directed to him at: benefits@--.com

Category: News
Uniform subject(s): Insurance; Personal investments and finance
Length: Medium, 478 words

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