The Sweet Smell of Life Insurance?

UPDATED: Feb 25, 2020

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We are surrounded by many wonderful smells like freshly cut flowers, baked apple pie, and the distinctive smell of a new car’s interior.  I have one to top them all, however; the unmistakable smell of a newborn baby.

My wife and I are in the midst of experiencing this with the birth of our third child three weeks ago. So what does this have to do with life insurance? Well, as any parent knows, your mind begins to swirl with many different thoughts when you first see your new child. Is he healthy? How many fingers and toes does she have? Hey, he looks just like me! Do I have enough life insurance?

Okay, that last one may be a stretch, but I’m a bit of a freak that way. After all, insurance is my profession. But there is plenty of truth to the notion of underinsurance among Americans.  This is particularly true as people experience life changes. Many of us simply do not make an effort to periodically evaluate our life insurance needs as we travel the road of life. Changes such as having children, assuming larger mortgages and entering retirement all affect our life insurance needs.

According to the Life Insurance Marketing & Research Association (LIMRA), approximately 44% of all US households (roughly 48 million) either do not own life insurance while realizing they should or own life insurance and believe they need more. These are frightening numbers, especially considering the state of the world today.

Naturally, I intend to review my life insurance policy now that I have another child at home depending on me. Just as soon as I grab a quick little nap…

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