Page 36 - September 2023 Issue.indd

What Does It Cost To be specific, what is it worth …

Not to Have Life … to know your family could stay in your home if

Insurance? something happened to you?
… to know your children could continue their educa-
Submitted by Ann Jacobs, Financial
tion plans?
Advisor, Edward Jones - Denton
410-479-0271 … to know your debts could be paid without burden-
ing your family?
It’s probably not on your calendar, but September is Life Insur-
ance Awareness Month. And that means it’s a good time to Clearly, if you were to assign these benefits a “price tag,”

become more aware of the benefits of having life insurance it would be pretty high.
— and the dangers of not having it.
Unfortunately, confusion about some of the basic elements of And that’s the value of owning suffi cient life insurance.
owning life insurance may be keeping people from getting the

So, let’s return to the issue of people putting off buying insur-
protection they need. More than half of uninsured Americans
ance because they don’t know how much they need, or what
say they have put off purchasing coverage because they don’t

type they should have:
know what to buy or how much they need, according to Life
Happens and LIMRA, two nonprofit organizations that provide How much is enough? You might hear that you need life

research and education about life insurance. insurance equal to about seven to 10 times your pretax annual

salary. That’s not a bad “ballpark” figure, but not everyone is
Yet, while this confusion may be understandable, a delay in
playing in the same ballpark. To get a true sense of how much
acquiring appropriate insurance can be costly in more ways

of a death benefit you require from your life insurance, you’ll
than one. From a strict dollars-and-cents perspective, it’s
need to consider a variety of factors, possibly including your

generally much more affordable to buy life insurance when
current income, spouse’s income, the size of your mortgage (in
you’re younger. But there are potentially much greater costs
addition to other liabilities), number of children, educational
involved in not having insurance when it’s needed — and these

expenses and final expenses for funeral arrangements.
costs are personal.
What type? You can essentially choose between two basic
types of life insurance: term and permanent. As its name
suggests, term insurance is designed to provide coverage for a
> edwardjones.com | Member SIPC
designated period, such as 10 or 20 years. Generally speaking,
term insurance is quite affordable for most people, especially

Compare our CD Rates when they buy policies as young adults. On the other hand,
Bank-issued, FDIC-insured permanent insurance, such as whole life or universal life, is
NPOUI . % APY* Minimum deposit usually considerably more expensive than term insurance.

This is because permanent insurance premiums, in addition
$1000

. $1000 can typically access through loans or withdrawals, giving you
-ZFBS % APY* Minimum deposit to providing a death benefit, help build cash value, which you

.
time. In choosing between term and permanent insurance,
-year % APY* Minimum deposit additional flexibility should your financial needs change over
$1000
you’ll want to evaluate several issues, such as how long you
Call or visit your local financial advisor today.
think you’ll need coverage and how much you can aff ord to
Ann M Jacobs, AAMS® pay in premiums.
Financial Advisor

105 Franklin St Finding out about the benefits, costs and types of life insur-
Denton, MD 21629-1207
410-479-0271 ance can help you make informed choices to help protect your
family for years to come — so don’t delay learning what you
need to know.
* Annual Percentage Yield (APY) effective 8/23/2023. CDs offered by Edward Jones are bank

issued and FDIC-insured up to $250,000 (principal and interest accrued but not yet paid) per This article was written by Edward Jones for use by your local Edward Jones
depositor, per insured depository institution, for each account ownership category. Please Financial Advisor. Edward Jones, Member SIPC. Edward Jones is a licensed
visit www.fdic.gov or contact your financial advisor for additional information. Subject to

availability and price change. CD values are subject to interest rate risk such that when insurance producer in all states and Washington, D.C., through Edward D. Jones
interest rates rise, the prices of CDs can decrease. If CDs are sold prior to maturity, the & Co., L.P., and in California, New Mexico and Massachusetts through Edward
investor can lose principal value. FDIC insurance does not cover losses in market value. Early Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency
withdrawal may not be permitted. Yields quoted are net of all commissions. CDs require of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts,
the distribution of interest and do not allow interest to compound. CDs off ered through
Edward Jones are issued by banks and thrifts nationwide. All CDs sold by Edward Jones are L.L.C. California Insurance License OC24309
registered with the Depository Trust Corp. (DTC).
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