Financial Column by Thrivent

Life insurance under the Christmas tree?

Millions of Americans are planning for their holiday shopping needs. Although there are endless possibilities of gifts you could put under the Christmas tree this season, life insurance just might be the most unexpected- and the most generous.

You can't plug it in. You can't drive it around the block. You can't wear it for an evening out.

So why even consider giving your spouse and children a gift that won't elicit squeals of delight? This gift, more than others, can help provide your loved ones a measure of security and stability when everything else in their life is being shaken.

'Life insurance isn't glamorous, it's just needed,' says Patrick Egan, retirement spokesperson for Thrivent Financial for Lutherans. 'Not only can it assist families in paying for final expenses, but it can help pay off debt from credit cards, car loans or even one's mortgage. Equally important, it can help replace lost income and potentially fund long-term goals like retirement or children's college education.'

Unfortunately, roughly 70 million American adults have no life insurance coverage at all or have less than is recommended, according to LIMRA, a life insurance and financial services trade association. The amount of life insurance you need depends on many factors. Financial services professionals can assist you in addressing 'how much' and 'what kind' of insurance is appropriate for your needs. A wide range of product types and features make the product a potential option for most consumers.

'If someone depends on you financially, you likely need life insurance,' says Egan. 'It's that simple. People often under-estimate the extent to which a premature death affects a family's income and assets.'

Should you really purchase an insurance policy, wrap it and put it under the Christmas tree?

'Life insurance is one of the most thoughtful and meaningful gifts people can give their loved ones,' notes Egan.

So with the iPhone, Xbox or Kindle all wrapped up, consider adding one more gift that could be far more meaningful than anything else under the tree.

This column was prepared by Thrivent Financial for your local representatives' use.

Thrivent Financial is represented in the Kutztown area by East Berks Group, which includes FR Gary E Bond, Steven T Bond, Scot R Guldin and Jennifer A Weil at 102 Tomahawk Drive, Kutztown, 610-683-3564.

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