New York Life Insurance Company recently launched a series of financial protection workshops specifically designed for parents of Latino families, honoring both National Life Insurance Awareness Month and Hispanic Heritage Month in September. The life insurance provider has collaborated with nonprofit organizations to promote the importance of protecting the financial future of family members and loved ones.
The life insurance crusade aims to educate Hispanic parents on the ways to prepare financially for the future, and all the options available to them when developing a strategy. Qualified speakers have been lined up to provide stories and insights on how much of an impact life insurance can have on a family's well being.
Running through October 15, the campaign will address and inform parents through community workshops focusing on life insurance topics, such as raising financially responsible children, funding for college and creating a blueprint for financial success.
A recent study from the Pew Foundation found the median wealth of Hispanic households fell 66 percent between 2005 and 2009, reiterating the need for financial planning so family members are not left with an added burden in the event of a death.
One challenge many families face is deciding how much coverage is enough. According to the life insurance provider, it is important to consider one's current income, expenses and future expenses. In addition, families should also factor in existing coverage from an employer, a child or family member with special needs, excessive debts and inflation.