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You Can’t Predict – but You Can Prepare

September 01, 2018

Woman, teenage girl and dog sitting on dock

No one knows what the future holds – but it’s not totally out of your control. You can prepare by helping ensure your loved ones have the financial resources to live the life you want for them.

A tailored strategy based on your goals

Certain risks will always need to be addressed – but depending on your specific goals, additional risks may require your attention. For instance, how you prepare for the unexpected may be considerably different depending on whether you are saving for retirement or living in retirement. You and your financial advisor can discuss your financial goals to determine what additional actions may be needed to provide for your family, protect what you’ve worked for and ultimately pass on your legacy should the unexpected occur.

Think about your LIFE

Insurance is designed to provide for your loved ones in the event you cannot. For those who are still working, term life insurance may be the most appropriate and cost-effective solution. If you also want to leave an inheritance to your loved ones, you may want to consider permanent insurance. (See a discussion about these types of insurance.)

There are several ways to calculate approximately how much life insurance you may need:

  • Use your current salary – We generally suggest seven to 10 times your pretax annual salary as a simple starting point.
  • Calculate your family’s needs – Using the acronym LIFE as a guide, estimate your family’s needs over time:
  • Liabilities (debts) such as your mortgage
  • Income needs to replace your future salary and provide for ongoing living expenses
  • Final expenses
  • Education costs for your children

If you’d like to leave your loved ones or charity an additional amount, be sure to include this legacy need in your total as well.

Are you ready to crunch some numbers?

Our Life Insurance Calculator can give you a rough idea of how much life insurance coverage you may need, based on your liabilities and assets. Together with your financial advisor, you can develop a strategy that takes your entire financial picture into account.

And of course your financial advisor is always available to conduct a thorough review of your overall financial situation, including your coverage.

What could go wrong?

While death and disability may be uncomfortable topics to discuss, ignoring them could lead to a much more uncomfortable situation for your loved ones. Providing for your family’s future is all about developing a strategy to help ensure they have the necessary financial resources should something happen to you.

Life insurance is an important decision that should be made as a family. With the right coverage in place, you can relax knowing you have a cushion for one more of life’s “what ifs.”

Important Information:

Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.

More Resources:

Funding Your Legacy with Life Insurance

All your life you've worked hard to provide for your family and the causes that are important to you. With a little planning, you can continue that tradition of caring after you're gone. Learn how life insurance could be the key to helping you achieve your legacy goals, particularly if you have specific wishes about leaving money or property to your heirs or charity.

Life Insurance Through Work - Is It Enough?

Before you simply “check the box” for life insurance at work, learn why employer-paid life insurance may not be enough when it comes to ensuring your family is protected from unexpected events.

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    Are you covered?

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