A new job is a fresh start, and now that you have an income stream you can count on, it’s a great time to make sure the rest of your financial house is in order. Depending on how long you were unemployed, you may have tapped into savings and investments that need to be replenished, or you may have borrowed money that needs to be repaid. These real-life experiences with financial “safety nets” serve to remind us how important it is to make sure our loved ones will be protected with a life insurance policy in the unfortunate event of our death.

Many employment benefit packages include some form of life insurance, however after closer inspection you will likely determine that the face value of $10,000 - $25,000 (even $100,000 in some cases) is only enough to cover a funeral plus a few months of living expenses at the most. In addition, these policies are only effective while you’re employed at that company and as we all know, jobs don’t last forever.

For many people, the amount of income earned from a new job determines the new household budget. If they earn more, they either spend more or save money; if they earn less, they either spend less or go into debt. Whatever your financial management style may be, one thing should be certain: life insurance is a necessity, not a luxury.

Your life insurance policy should be designed to see your family through several difficult years and cover the future obligations which will otherwise go unfunded, such as college education for the kids, care for aging parents and a comfortable retirement. Inflation should also be taken into consideration, and because life insurance rates are based on many factors including health and age, there’s never a better time to lock in a low rate than now.

My Insurance Expert has been assisting individuals and families with their insurance needs for over 30 years and has a team of licensed Advisors available for free one-on-one consultations.