September is Life Insurance Awareness Month, making it a natural time to pause and ask an important question: Does your current coverage still support the people and priorities that matter most to you?
If you don’t have life insurance yet, you’re not alone. It’s one of those financial decisions many people intend to address “someday.” But because premiums are often based on factors such as your age and health, waiting may make coverage more expensive—or limit your options—later.
Understanding Your Life Insurance Options
Life insurance generally falls into two categories:
Term life insurance provides coverage for a set period, such as 10, 20, or 30 years.
Permanent life insurance is designed to provide lifelong coverage, provided required premiums are paid and the policy remains in force.
Permanent life insurance includes several common types, such as whole life, universal life, and variable life insurance. Each comes with its own features, costs, potential benefits, and risks.
There is no single policy that is right for everyone. The right coverage starts with understanding your current circumstances, the people who depend on you, your financial responsibilities, and the future you are working toward.
Could Life Insurance Make Sense for You?
Life insurance may be worth considering if:
You have a spouse or partner.
You have children.
A parent, relative, or person with a disability depends on you financially.
Your household relies heavily on your income.
Your retirement savings or pension may not provide enough income for your spouse or partner if you pass away.
You own a business, either independently or with partners.
You share a significant financial obligation that someone else could become responsible for after your death.
Even if you already have coverage, life changes can affect how much protection you need. Marriage, divorce, the birth of a child, purchasing a home, changing careers, starting a business, or taking on new financial responsibilities may all be good reasons to review your policy.
A helpful question to consider is: If something happened to me tomorrow, would the people I care about have the financial resources they need?
Understanding the Cost of Coverage
Many people assume life insurance will be too expensive, but the cost can vary considerably. Premiums may be based on factors such as your age, health, medical history, lifestyle, desired coverage amount, policy type, policy term, underwriting requirements, and the insurance company issuing the policy.
Comparing available options can help you better understand the costs, features, and tradeoffs that apply to your individual circumstances.
Helping the People You Love Move Forward
Life insurance is designed to provide financial support to your beneficiaries after your death. Depending on their needs, policy proceeds may help them:
Replace lost income
Pay everyday household expenses
Cover a mortgage or other debts
Fund education costs
Manage funeral and final expenses
Maintain greater financial stability during a difficult transition
Life insurance cannot remove the emotional weight of a loss, but thoughtful planning can help ease some of the financial uncertainty your loved ones may face.
Is It Time for a Conversation?
Whether you are considering life insurance for the first time or reviewing existing coverage, evaluating your needs in the context of your broader financial circumstances can help you make a more informed decision.
I can help you consider your current obligations, existing resources, coverage needs, and available options as part of your overall financial planning. Any recommendation should be based on your individual circumstances, objectives, and needs.
Life insurance products are subject to eligibility and underwriting requirements. Premiums, benefits, policy features, exclusions, limitations, and availability vary by insurer and individual circumstances. Guarantees are subject to the claims-paying ability of the issuing insurance company. Permanent life insurance policies may involve higher premiums and other costs compared with term insurance, and certain policies may include surrender charges or other restrictions. Variable life insurance involves investment risk, including possible loss of value.
Investment advisory services are offered exclusively through Keating Financial Advisory Services (KFAS) pursuant to a written agreement and the firm's Form ADV Part 2A. Recommendations are made based on the client's individual circumstances and in the client's best interest. Clients may incur separate fees and expenses from custodians, mutual funds, ETFs, insurance companies, or other product providers, which are independent of KFAS advisory fees.Insurance products are separate from KFAS investment advisory services. Insurance recommendations, if any, are based on the client's individual circumstances and needs. Laura Warta may receive commissions or other compensation in connection with the purchase of certain insurance products, which creates a financial incentive and potential conflict of interest. Additional information regarding material conflicts is available in the firm's Form ADV.