Page 7 - WLIS-Fall-Magazine-2020

Top Reasons for Owning Life Insurance

According to the 2020 Insurance Barometer Study conducted by trade
organization LIMRA and the non-profit organization Life Happens, the
most common reasons Americans said they purchased life insurance were:

Burial, Final Expense 84%

Wealth Transfer 66%

Income Replacement 62%

Supplement Retirement Income 57%

Pay off mortgage 50%

PHOTO: © ISTOCKPHOTO.COM/PORTFOLIO/PINCIO This study also noted that one in three families have trouble meeting day-to-
day expenses in just the first month following the primary breadwinner’s death.

and digital delivery options avail- wishes. Burkowski goes on to say A good general rule is to update
able in most states. the following documents are foun- your estate plan every three years,
dational to an estate plan: or sooner if your situation
Life insurance is the foundation changes.
and a critical piece of every mem- â–¶ Revocable Living Trust is an
ber’s financial planning puzzle. important tool because it ei- Trust Your Intuition. Trust
You’ll find our Financial Needs ther holds your assets during Woman’s Life.®
Analysis Tool and Retirement your lifetime or receives them At Woman’s Life, we know life
Planning Calculators online at after your death, which allows insurance and financial planning
WomansLife.org/Needs. Both are you to direct the management are about keeping promises and
great resources in preparing for and distribution of your assets. fulfilling dreams — even if you
your review with your representa- can’t be there in person. As an
tive. â–¶ Wills work as the main dispos- essential financial services orga-
itive document or as a nization, Woman’s Life Insurance
*Loans will reduce cash values and death “pour-over” to move your as- Society remains committed to
benefit. The certificate will terminate if sets to your Revocable Living serving your needs during these
loan debt equals or exceeds the cash value. Trust upon death. In a will, uncertain times.
you appoint who pays your
Evaluating Your Estate bills and distributes your re- We have a well-defined business
Plan During a Pandemic maining assets when you die. continuity plan in place, enabling
According to a recent article by us to maintain all critical opera-
Joseph W. Burkowski, associate â–¶ Financial Power of Attorney tions even if new shut-down
attorney at Reinhart, Boerner, and allows you to appoint some- orders are issued. These critical
Van Deuren, Attorneys at Law, eval- one to handle your financial operations include processing
uating your existing estate plan or matters and personal property claims, issuing regularly sched-
creating your first plan is critical if you are unable to do so for uled payments, providing updated
during this COVID-19 pandemic. yourself. This is a particularly account information, and discuss-
It’s imperative to assess your assets valuable component of a solid ing your needs and options in
and intentions to ensure you have estate plan because the indi- order to help you plan for a secure
an estate plan that aligns with your vidual you appoint will be financial future as you navigate
authorized to file tax returns, today’s uncertainties.
pay your bills, and carry out
other important matters on We value the trust you have
your behalf. placed in us, and we are here for
you. Please speak with your
▶ Health Care Power of Attorney Woman’s Life Representative or
allows you to appoint someone call us at 800-521-9292 and let us
to make heath care decisions know how we can help.
for you if you cannot make
them yourself.

FALL 2020 WOMANSLIFE.ORG 5