It's 2017: Do You Know Where Your Life Insurance Policy Is?

It's 2017: Do You Know Where Your Life Insurance Policy Is?

          If you own a car, unless you’re living in New Hampshire, you’re required to buy car insurance to protect your vehicle against accidents.   Own a home?  Homeowners insurance is required to close on your dwelling and fund your loan.  And, as of 2014, you’re required to have at least basic health insurance coverage or be subject to a tax penalty.  But when it comes life, disability and long-term care insurance, there are no requirements, despite the many benefits they can provide, including:

  • Supplemental income due to death of a spouse, partner or key person
  • Cash for use after death to prevent the sale of other assets, including property
  • Estate tax reduction after death
  • Benefits for use during a chronic illness

           Life insurance, specifically, is a low priority for many people.  While over 80% of Americans agree they should have it, only 59% actually carry life insurance, according to a 2017 Insurance Barometer Study sponsored by the worldwide research, learning and development organization LIMRA.  Of those who do have life insurance, nearly a third have just a basic group policy, and many people just “set it and forget it,” forgoing annual reviews with their agent.

High expense and competing financial priorities as two reasons people cite for not purchasing life insurance, according to the study.  But when asked what might change their mind, one reason stood out among the several given:

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The number of Americans felt they would consider life insurance more intently if it was easier to understand.

              At JPS Newton, we understand.  Term vs. Life. Risk assessment.  Pricing structures.  It can get complicated very quickly.  That’s where we can help.  Our Financial Advisors, along with our insurance company partners, are happy to meet with you to explain how life insurance can support your plans for retirement, answer your questions and find the best policy for your specific needs.  If you already have a policy, we can review it to determine if it can still provide the appropriate amount of coverage when the time comes. 

To get started, visit the non-profit site, Life Happens, to find more information about insurance at  You’ll find term definitions, coverage calculators, and a video series showing how life, disability and long-term care insurance made a difference for people when they needed it most.