Pamplin Media Group – September is Life Insurance Awareness Month

This article is brought to you courtesy of Matt Stutes, CFP, of Cornerstone Wealth Management, Canby Herald Insider Financial Planning Expert.

If it’s been a while since you’ve reviewed your insurance profile, you might be surprised that what made sense in the past no longer fits your life.

Here are some ways to quickly assess your needs.

1. Stop on a DIME – To use the DIME method, add together your debt, ten years of income, the amount of your mortgage payment and the cost of your children’s college

Education. This can provide a starting point for determining the amount of insurance coverage you may need.

2. Consider your options – Do you need term life insurance (coverage for a fixed term) or whole life insurance (a policy structured to last until your death)?

3. Assess the costs – The price of a policy depends on your age, health condition and amount of policy coverage.

These methods can give you a rough idea of ​​where to start. But there’s no substitute for talking with a financial professional, insurance agent and estate planning specialist to find out the right approach for you.

After all, life doesn’t stop, and neither does your life insurance policy. Several factors will affect the cost and availability of life insurance, including age, medical condition, and the type or amount of insurance purchased. All coverages associated with a policy depend on the ability of the issuing insurance company to continue to make claim payments.

Cornerstone Wealth Management

486 NW 2nd Avenue

Canby, OR 97013

503-266-7431

www.thecwmgroup.com

Securities and advisory services provided by LPL Financial, a registered investment adviser. FINRA/SIPC member.

The opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations to any individual. Rebalance a

portfolio may cause investors to incur tax liabilities and/or transaction costs and does not guarantee a profit or protect against loss.

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