Households Lacking Life Insurance - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group

Households Lacking Life Insurance www.skloff.com

Wall Street Journal – More Go Without Life Insurance - 08/30/10 “Nearly a third of U.S. households have no life-insurance coverage, the highest percentage in more than four decades, according to research firm Limra.” “About 35 million U.S. households neither own their own life-insurance policies nor are covered under employer-sponsored plans, up from the 24 million, or 22% of households, without coverage in 2004, according to the study this year by Limra, of Windsor, Conn.” www.skloff.com

Percentage of U.S. Households Owning Life Insurance Declining www.skloff.com

Percentage of U.S. Household Owning Life Insurance Declining According to Limra, an industry-funded research organization, the percentage of U.S. households owing life insurance is declining due to: 1. Tight household budgets as the economy struggles 2. Loss of employer-provided coverage as a result of layoffs 3. Cutbacks by some employers in their benefit packages www.skloff.com

Employer Paid Life Insurance Employer paid life insurance can be a life preserver for your family. But, employer paid life insurance can be dropped at anytime. www.skloff.com

Having Your Own Life Insurance Provides You Better Control Obtain your own life insurance before your health or age changes and the cost is prohibitive or you become uninsurable. www.skloff.com

Questions To Ask Yourself Before Passing Away Who is going to pay your family’s mortgage? Who is going to pay your family’s real estate taxes? www.skloff.com

Questions To Ask Yourself Before Passing Away Who is going to take care of your kids while you work? At what cost? Who is going to pay for your kids’ college educations? www.skloff.com

Questions To Ask Yourself Before Passing Away Who is going to pay your family’s living expenses? Who is going to pay your federal and state estate taxes? www.skloff.com

Consult With a Licensed Insurance Professional Establishing life insurance immediately reduces the financial and psychological burdens that can cause hardship when the need for the proceeds arrives. If your life insurance is owned by an Irrevocable Life Insurance Trust (ILIT) it is exempt from estate taxes. Like most insurance, the earlier you start your policy the lower the cost of the policy. Consult with a licensed insurance professional to gain an understanding of all your options. www.skloff.com

Aaron Skloff, AIF, CFA, MBA Chief Executive Officer Skloff Financial Group 908.464.3060 www.skloff.com

Households Lacking Life Insurance - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group

by Aaron Skloff, AIF, CFA, MBA

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Households Lacking Life Insurance - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial Group Presentation Transcript