PRINCETON, NJ -- (Marketwire) -- 03/13/13 -- Insurance professional Gary Taffet points to a recent finance/2013/02/27/life-insurance-who-really-needs-it/">Fox Business story, which poses the question of who does -- and does not -- need to have life insurance coverage. The Fox report provides commentary from David Marlett, who chairs the Department of Finance, Banking and Insurance at Appalachian State University in Boone, N.C. Marlett acknowledges the sometimes-confusing nature of life insurance coverage, before going on to note the many benefits that life coverage can provide. Additionally, Marlett highlights some scenarios in which life insurance is particularly helpful -- and, some scenarios in which life insurance is largely unnecessary. His comments have won the attention of Taffet, who has weighed in with a press statement.
In his press statement, Taffet notes that life insurance is often a critical component in long-term financial planning, including estate planning -- and that as such, the benefits of life insurance are potentially greater than many consumers might think. "Life insurance is an essential component of estate planning and is an important tool to make sure your long-term family needs are met," explains Taffet. "Term life insurance is very reasonably priced for most Americans and can be critical to ensuring a family's financial needs are met. Always consult an insurance professional, who can assist in determining the proper amount and types of life insurance to be considered, knowing full well that each family maintains unique financial and lifestyle requirements. Life insurance can help to make sure that a proper standard of living is maintained, even in the event of the loss of a loved one."
As for Marlett, he tells Fox Business that anyone who has financial dependents should "strongly consider" purchasing life insurance. At the same time, he affirms that, for single people with no dependents, life insurance coverage is often unnecessary.
Marlett also shares some general tips for consumers seeking to obtain life coverage that meets their needs. In a nutshell, he says, determining the proper amount of coverage means determining how much income dependents would need, in the event of a sudden passing.
In the Fox report, Marlett also provides advice for families whose children have "flown the nest," opining on when it is and is not advisable for these families to drop their life coverage.
Gary Taffet is a veteran of the insurance and employee benefits industries. He currently works with Reliance Insurance Group, based in New Jersey. Gary Taffet is zealous for helping clients determine the level of life coverage that best fits their financial needs.
Gary Taffet is a veteran of the insurance brokerage and employee benefits administration industries. He currently serves with the New Jersey-based Reliance Insurance Group, a national leader in all manner of employee benefits and insurance services. At Reliance Insurance Group, Gary Taffet provides audits and reviews of employee benefit plans, and makes suggestions on how companies can receive better benefits while improving their cost efficiency. Reliance also provides services in health and life insurance brokerage. Taffet is a graduate of Rutgers, and remains an active donor to the university.
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