A Future Worth Insuring

by Katelynn Mouton

September is National Life Insurance Policy Month and Sulphur-based State Farm agent Jennifer Mabou says this policy is a very important piece of any household’s financial puzzle.

She says many clients think they only need enough coverage to pay off their mortgage, but it is not that simple.

“While your home may be a large asset for you, the most important asset you need to protect is your income,” Mabou says. “If your spouse passes away unexpectedly, it is important to have income replacement in place. Life insurance is a wonderful gift to those you love, offering peace of mind and freedom from financial burden.”

According to Mabou, there are many benefits to life insurance. “Most people only associate life insurance with death, but there are also living benefits to life insurance. Some life insurance policies grow cash value that can be used while alive. Cash value can be used to cover nursing home care or medical emergencies, and can even be used to supplement retirement income.”

While paying on a policy month after month may seem burdensome, it matters when the unexpected occurs.

“In my 22 years of working in insurance, some of the most impactful insurance policy claims have been around catastrophic, life-changing events. More specifically, the death of a loved one,” adds Mabou. “I have filed many death claims on life insurance policies over the years, but when it involves a young person, it’s always so much harder. It’s absolutely heartbreaking to sit with parents who are burying their child, listening to them worry about how they are going to pay for the funeral, purchase a proper headstone, or even wonder how they are going to pay their bills because they need to take time off work to properly grieve.”

Mabou says life insurance is something we hope we never have to use, but it’s the only insurance policy that every person is guaranteed to file a claim on. “Think about that. You may have auto insurance for 50 years and never need it. You may pay for homeowner’s or flood insurance for 30 years and never file a claim. Every one of us will pass from this life, so our loved ones are guaranteed to file a claim on our life insurance policy.”
Outside of life insurance, homeowner’s or renter’s insurance policies, Mabou says there is something very important to consider when it comes to your auto insurance policy.

“Most people don’t put a lot of emphasis on their liability limits on their auto insurance, but it is incredibly important,” says Mabou. “Your agent should be asking important questions about assets that need protecting.”
In Louisiana, if one does not have enough assets to cover a judgement placed against them, their wages can be garnished up to 25%.

“Should you be at fault in an accident, your auto insurance liability limits are what cover the other party for medical expenses, pain and suffering and lost wages,” explains Mabou. “Your liability limits also pay for your defense and court costs should you be sued after an at-fault accident.”

Mabou offers one final piece of advice. “Licensed, professional insurance agents are here to help. Make sure you’re doing business with an agent who asks the tough questions and looks out for you!”

For more information, call Mabou at (337) 527-0027.