Financial Professional Dale McCarty

According to a recent survey by, about one-third of households would have immediate trouble paying living expenses if the primary wage earner died.

Well, September is Life Insurance Awareness Month. Financial professional Dale McCarty of Retirement Designers Financial, talks about why it might be a good idea to consider having life insurance.

1. Why is life insurance an important thing to have?

- Many people often don't realize the potential benefits to having life insurance. They may think they can wait, or that they don't need it until they are much older.

- There are several benefits to having life insurance. First, you may want to think about whether there would be enough money for your spouse or family to maintain their standard of living if you were not here. Life insurance can help pay for things like final expenses, debts, and enough money for your family to adjust.

- It can help provide funds for your surviving partner and kids.

- A properly designed Life insurance program might also be used as a college funding mechanism. We encourage people to talk with a financial professional to see what might work for their situation.

- At, there is a life insurance calculator that can help you figure out how much life insurance you might need.

2. What is the difference between a term policy and a permanent life insurance policy?

- Term life insurance is usually for a limited amount of time, such as the same amount of time as a mortgage. It's generally more affordable. Like renting a car. If you die within the term of the policy, they pay your beneficiary. If you live past the time, no benefit is paid but you had the protection just like your car insurance.

- Whole Life insurance can be more expensive than term, but it also offers some additional benefits that term insurance does not.

3. Are there other reasons to consider life insurance?

- If you're a business owner, life insurance may help pay bills, make sure the business can still make payroll, etc. in the event of your death.

- If you care for your parents, you may also want to consider having life insurance. Money from life insurance can provide money for their care if they out-live you.

- It can provide a tax-free income during your retirement years. It may also provide long term care protection in case you may need it during your life.