Life Insurance 101: What It Is and Why It Matters
September is Life Insurance Awareness Month — here’s what you need to know.
Disclaimer: This content is for informational purposes only and should not be considered personalized financial advice. Please consult a licensed professional before making any decisions.
Why Talk About Life Insurance Now?
Life insurance is one of the most important — and often overlooked — components of a sound financial plan. September’s Life Insurance Awareness Month is a timely reminder to review your coverage and ensure it still aligns with your goals.
What Is Life Insurance?
At its core, life insurance is a contract between you and an insurance company. In exchange for regular premium payments, the insurer provides a death benefit to your chosen beneficiaries if you pass away while the policy is active.
The primary purpose is to provide financial support — helping loved ones cover expenses such as:
• Income replacement
• Mortgage or debt payoff
• Education costs
• Final expenses
Common Myths — and the Facts
Myth 1: “I’m too young to need life insurance.”
Fact: Coverage is often more affordable when you’re younger and healthier, and it can lock in insurability for the future.
Myth 2: “I have coverage through work, so I’m set.”
Fact: Employer-provided coverage may not be enough to meet your family’s needs — and it usually ends if you change jobs.
Myth 3: “It’s too expensive.”
Fact: Many people overestimate the cost. A needs-based review can reveal affordable options.
Types of Life Insurance — A Quick Overview
• Term Life Insurance: Coverage for a set period (e.g., 10, 20, 30 years). Typically lower premiums, no cash value.
• Permanent Life Insurance: Coverage for life, with potential cash value accumulation. Includes whole life, universal life, and variable life.
Each type has different features, costs, and suitability depending on your goals.
When to Review Your Coverage
Life changes often mean your insurance needs change, too. Consider a review if you’ve:
• Married or divorced
• Had a child or adopted
• Bought a home
• Started or sold a business
• Experienced a significant change in income or debt
Next Steps
If you’re unsure whether your current coverage is enough — or if you don’t have any in place — now is the perfect time to explore your options.
📅 Schedule a Coverage Review: We’ll walk through your goals, current policies, and potential gaps — no obligation.
Final Note: Life insurance isn’t just about numbers — it’s about providing for the people and causes you care about most. Awareness is the first step toward making confident, informed decisions.
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Investment advisory services offered through Redhawk Wealth Advisors, Inc., an SEC Registered Investment Advisor. SEC Registration does not imply any level of skill or understanding. Redhawk Wealth Advisors and Patten Financial Group are unaffiliated and separate legal entities
