Kim Woodson is a Richmond mom-of-two and a Farmers Insurance agency owner.

by Kimberly Wooden Woodson

Luxury vs. Necessity.

In challenging economic times, knowing the difference between “need” and “want” is important.

I’d like to suggest that life insurance is a “need.” It may be tempting to think of it as a luxury, especially when you’re trying to trim your budget, but I hope you resist temptation: What would happen to your family if something happened to you? Life insurance might determine whether your family can keep their home or whether your children can go to college. Please give me a call: I can show you several life insurance options that may fit your budget.

Don’t put your family at risk. Does your family depend on you financially? Do you have a mortgage? Do you own a small business? If you answered “yes” to any of these questions, what would happen if you died unexpectedly?

It’s a great time for us to talk about the importance of reducing risk to your loved ones and/or your business.

Is your family covered? I saw in the 2010 LIMRA Life Insurance Ownership Study that 30 percent of U.S. households don’t have life insurance coverage. In fact, among households with children under 18, four in 10 say they would have trouble meeting daily expenses if the primary breadwinner died suddenly.

• Are you a two-income family? With both spouses now “bringing home the bacon” in many households, it’s good news that the gap in life insurance ownership between men and women is shrinking. In fact, women place more value on life insurance than men (70 percent vs. 62 percent).*
• Are you a small-business owner? Life insurance coverage could offer several benefits. For example, if you or your business partner died tomorrow, life insurance could help provide the funds for the surviving partner to purchase the deceased owner’s share of the business. Or if a key employee died, life insurance proceeds could offer financial flexibility to the owners.

Life happens: Are you ready for the unexpected? I encourage you to visit my website and contact me, or call (804) 980-7353 to discuss your life insurance program.

*Source: LIMRA, “Life Insurance Ownership Gap Closes Between Men and Women,” March 23, 2011, Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040. www.farmersagent.com/kwoodson.  

Kim Woodson is an advertiser of Richmondmom.com. She is offering a seminar, “Preserving your Family’s Legacy” Free of charge April 17th and 21st, 2012.

Kate Hall

Kate Hall is the Founder & CEO of RichmondMom.com and author of Richmond Rocks ,a history book for kids. She has three children and a cup that overfloweth. She is truly appreciative of the 100,000 + visitors who visit the blog every year, and for the amazing team of writers who create unique, valuable content. Kate is thrilled to fulfill her dream of having a cool place for Richmond, VA parents to learn, grow, and share while supporting local charities.

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