Both of these students, are recipients of $7,500 scholarships from the LIFE Lessons Scholarship Program, which helps college-bound students who are experiencing financial difficulties due to a parent dying and leaving little or no life insurance. You can help them along by voting for who should receive the $15,000 Video Scholarship.
Millennials believe that financial literacy should be taught—either in high school or college or by parents. But even if you haven’t broached the subject yet, it’s not too late. Start with the resources available through the Next Generation website. The site offers a range of free resources focusing on five key areas—risk, life insurance, health insurance, disability insurance and financial planning—and includes quizzes, family activities, glossaries with terms and phrases related to insurance and financial planning and a video library.
Divorce and widowhood continue to trigger financial trauma for many American women, a trend that is growing. Nearly half (48%) of divorced respondents in 2013 said divorce threw them into financial crisis, up from 43% in 2006. A full 50% of widows in 2013 said widowhood caused them financial crisis. A simple solution, life insurance, could have prevented some of that trauma for those widowed.
“Life happens at the most unexpected of times, and life insurance is about protecting the future and the people you love. Remember, if something happens and you haven’t done the planning, the people you leave behind will feel the brunt of your mistakes,” says Boomer Esiason, MVP quarterback and radio and TV broadcaster, who will be the spokesperson for Life Insurance Awareness Month this September.
If you earn 5% per year on your investments, you will need to save $739 per month to meet your goal, but what if something happens to you along the way? Do you have a self-completing college fund program? Did you know you could buy $250,000 of 20-year level term insurance for less than $20 per month?