It’s not a topic clients normally like talking about. Planning for a time when you’re not around anymore doesn’t exactly make the top of the daily to-do list. But considering whether or not you should have life insurance and regularly updating your policy is an important aspect of managing risk and taking care of the ones you love.

If the idea of life insurance is new to you, here are 10 things Forbes magazine says you absolutely need to know about life insurance. You can check out the full details here.

  1. If anyone relies on you financially, you need life insurance.


  1. Life insurance does not give a monetary value to someone’s life.It helps compensate for the inevitable financial consequences that accompany the loss of life.


  1. Life insurance is a contract(called a policy).


  1. There are four primary players, or roles, in a life insurance policy: the insurer, the owner, the insured, and the beneficiary.


  1. Life insurance is a risk management tool, not an investment.


  1. There are two types of life insurance about which you should become aware—term and permanent.


  1. Life insurance can be extremely expensive, but it can also be surprisingly inexpensive.


  1. Determining the optimal life insurance policy for you doesn’t have to be complicated.


  1. You should consider using a live person to help in your death planning, not an online tool.


  1. Know your options when cancelling an existing life insurance policy so you don’t leave money, or coverage, on the table.


I’ll add #11 to the list… Consult with an agent that you know and trust. If you’ve let more than 5 years go by without renewing or reviewing your life insurance policy, it is time to give Amanda Carlson a call at (480) 378-2453 to set up an appointment. While it may not be our favorite topic, it is an important one and I’d be glad to help you along the way.