If there is one thing the recession (and all the subsequent economic twists and turns that followed) has taught us, it’s the value of being proactive when it comes to our futures. While you may not be able to control what’s happening in Washington, D.C. and on Wall Street, you can take charge of your personal finances, making choices that will go a long way to protecting your future and that of your loved ones.
The old saying “Ignorance is bliss” has been replaced with “Knowledge is power,” as Americans everywhere recalculate households budgets, examine mortgage rates and credit card fees and look for ways to save at the gas pump and grocery store. And during September, which is Life Insurance Awareness Month, you have one more way to make the most of your money and protect your future: by evaluating your life insurance coverage.
But, to use another aphorism, “You can lead a horse to water, you can’t make him drink.” While LIFE or your insurance agent can educate you about the importance of life insurance, only you can buy it. Unfortunately, the reasons for not buying a policy, or for not increasing current coverage to meet future needs, often are based on fallacies or misinformation.
How much do you know about life insurance? Read through the following statements to check your insurance IQ. Consider this Life Insurance 101:
I’m single so I don’t need life insurance. Even single people may leave behind others who depend on them: children, aging parents, or even a relative or close friend who depends on them for financial support. Having a policy in place that will take care of those people once you’re gone is the final act of love you can give.
I have coverage through work. That should be enough. Maybe. Or maybe not. The only way you’ll know if the coverage is adequate is by using tools such as LIFE’s Life Insurance Needs Calculator. But keep in mind that, depending on how it’s written, the policy may end if your employment ends. Carrying an individual policy gives you additional coverage and control, no matter what happens with your job situation.
I’m too young to worry about life insurance. Actually, there are several reasons why you should buy a policy when you are young. For one thing, purchasing life insurance coverage while you are young and healthy means your premiums will be comparatively low. Also, while the young like to think they are immune to health issues and adverse life events, accidents and illnesses can occur at any age. Having a policy in place guarantees your insurability.
Life insurance is too expensive. How much do you think it costs? Chances are, whatever you think is probably considerably more than the reality. According to LIMRA and LIFE’s 2012 Insurance Barometer Study 80% of consumers were unable to correctly estimate the actual cost of life insurance. Most greatly overestimated its price—believing, for example, that the best available yearly rate of a 20-year, $250,000, level-term life policy for a healthy 30-year-old would have a median cost of $400. (Correct answer? $150!) Before you decide you “can’t afford insurance,” be sure you know what the actual cost is — and what the cost of not being insured could be for you and your family!
“Term.” “Perm.” “Riders or options.” It’s too complicated to understand. Anyone who has tried to wade through pages of legal documentation or contracts can be forgiven for thinking that it’s all designed to make you feel uninformed, uneducated and overwhelmed.
Fortunately, you don’t need to let a lack of knowledge stand in your way of making an intelligent decision. Start by visiting online resources such as LIFE website, where you’ll find easy-to-understand information and tools. Then schedule a sit-down with your insurance professional or financial advisor, or if you don’t have one, you can find one here. Pull together a list of questions and possible scenarios. For example, what if you:
leave your employment and start your own company
have another child
take responsibility for an aging parent
find you have a terminal illness?
Sharing your concerns and plans with your advisor is an important part of the evaluation process. This enables him or her to give you the best recommendations for the type and amount of coverage that will meet current needs and future decisions.
Use Life Insurance Awareness Month to increase your understanding of what life insurance can mean for you and your family. And then get to it!
I have found the biggest mistake young families make is not planning prior to the arrival of their children. The fact is, the better you prepare for your financial future before baby is born, the better you’ll be prepared for the unexpected.
New parents do not completely understand or appreciate just how chaotic the weeks, months and years will be after a little one arrives. Between the feedings, attempts to sleep and shifting schedules, the opportunity to sit with a financial professional after the baby is born can feel almost impossible.
There are a few things new families can do before birth to get in good shape for baby.
1. Pay down debt. The nine months leading up to baby is a great time to pay down debt. Typically expenses are lower in the months leading up to baby’s birth, given diaper costs and baby food have yet to hit the pocketbook. Many clients strive to live on one income to increase their savings and pay down debt. If debt is not an issue, use this time to increase your savings account to prepare for the new expenses such as a car seat, crib, diapers and delivery costs.
2. Review your coverage. New parents should understand their current coverage and update and adjust it if needed. If the ins and outs of benefits at work are presently a mystery, call human resources for a refresher to understand what medical coverage and maternity leave policies cover.
Review your life insurance and disability income insurance to make sure it meets a growing family’s needs. Term life insurance may be an affordable option for most families and can be purchased for a certain period of time to help protect a family’s financial well-being in the event of an untimely death. Disability income insurance is designed to protect a portion of an individual’s income. The bottom line is that losing the ability to earn an income may make it difficult to make ends meet. Disability income insurance can be a practical solution to help protect a family’s financial security in the event of a disabling illness or injury.
As a parent, don’t guess when it comes to coverage amount, work with a financial professional whom you trust and can help you understand your needs in the event either parents were to become disabled or die.
3. Establish a budget. Lastly, establish a clear budget prior to the baby arriving so you know how much money is currently allocated to meet financial needs. This will allow you to determine how much money you can allocate to the new expenses such as diapers, formula, day care, baby clothes, etc. or if you need to cut back on certain expenses to keep you from overspending.
By taking the time to review these important topics, you will remove the concern and worry that comes with not knowing what your family has in place. Instead you will find yourself in a position to simply enjoy the special moments as a new parent knowing you have taken steps to protect your family.
In preparation for Life Insurance Awareness Month—which is now in full swing!—the LIFE Foundation cosponsored and participated in the Life Insurance Movement, a one-day blogathon to bring awareness to the importance of life insurance as part of a sound financial plan. Many thanks go to the movement’s guru Jeff Rose of Good Financial Cents. You can see his video below. Thanks also go to all the bloggers who took part in the movement. There are a lot of great posts here—read at your leisure, but don’t miss the hilarious smack-down wrestler video: #24. Enjoy!
Money Crashers, How Much Life Insurance Do I Need: Many people know the importance of life insurance and how it can be so important both to that individual and his or her family and friends, but most don’t know all the factors to consider when deciding exactly how much insurance to get. The goal of this article is to put life insurance in layman’s terms and help people figure out exactly how much life insurance they truly need.
Christian PF, The Importance of Life Insurance: Part of preparation is for our benefit and part of it is for the benefit of our loved ones. In this case you and I won’t have any tangible benefit from purchasing life insurance, but the peace of knowing that our loved ones will have a nice financial buffer is pretty nice.
Life net insurance, 7 Reasons to Use an Independent Term Life Insurance Agent: This post discusses why using an independent life insurance agent can add real value to the buyer. Many consumers are unaware of the process when looking for coverage and have not given enough thought to the choices available. A good agent can help guide and advise clients in this most important of purchases.
Every Day Minimalist, Decluttering My Insurance Policies To Save Time And Money: Insurance policies are often a mess and very complicated to understand. After a while, you get 4-5 contracts and you don’t even know why you have them. Check out how I’ve decluttered my insurance policies!
Rule Your Wallet Blog, Why I Have Life Insurance and Why You Should Too: Life insurance is a major step in moving my family towards financial security. There are many benefits to purchasing life insurance and all my personal reasons for purchasing life insurance are outline for you. I also cover my family’s story of how we purchased life insurance when we had very little money to put towards life insurance.
Young Adult Finances, It’s a Wonderful Life Insurance: Just like George Bailey in the movie It’s a Wonderful Life, there will be a day when you actually think about life insurance. Let’s hope you do your research before you need to. Do you really need life insurance as a healthy young adult? [I will be doing a video entry as well to air on the go live date. Thanks!]
Money Life and More, Life Insurance Movement – Why I Don’t Need Life Insurance Right Now: To determine how much insurance I feel I need a take a few factors into consideration. They include my age, my assets, my liabilities, who depends on me and, most importantly, how much money they would need to stay on track for a comfortable life should something horrible happen to me and I die.
Wealthy Turtle, Life Insurance is a Vital Component of Any Financial Plan: Mike Collins from the WealthyTurtle.com discusses the importance of including a life insurance policy as part of your overall financial plan. Without adequate life insurance all of your financial planning may be for nothing.
Parenting Family Money, Should You Buy Life Insurance for Your Child?: Most people don’t like thinking about life insurance and they are even more hesitant when it comes to a child. Buying life insurance for your child is something to at least think about.
Free From Broke, Term Life Insurance Versus Whole Life Insurance: What is Term Life Insurance? How about Whole Life Insurance? Take a look at what each is and their differences. It’s important you understand the difference before you shop.
Stock Chase, Insurance: Insurance in my mind has one purpose, and one purpose only. To provide an income for your loved ones in the event of your untimely death.
Moms Plans, Why You Need Life Insurance: Explains why I think people need life insurance based on my experience of my dad dying at age 38 with very little life insurance.
Best Rates In, Is Your Family Protected with Adequate Life Insurance?: Life insurance is one of the policies you should have – especially if you have dependents. Are there people depending on you to provide for them? If so, you need life insurance if you don’t want them to suffer a financial catastrophe should you die unexpectedly. They will already have their grief to deal with; you don’t want to add financial burdens on top of that.
Chatswood, buyers-of-insurance-versus-people-you-convince-to-buy-insurance: A candid description of the problem of people buying life insurance that want to be financially responsible but can’t quite make it – like an unsuccessful dieter – and how as a life insurance financial adviser you may be able to help them.
Money under 30, When is the right time to buy life insurance?: Do you need life insurance? And, if so, when should you buy it? Should you wait until you have a family, or buy some as soon as you can afford it? Do you ever need life insurance even if you don’t have your own family? We answer these questions and more, dispelling some of the common myths we hear about when to buy life insurance.
Stead Fast Finances, How to Competitively Price Life Insurance: The post teaches readers exactly what to look for to ensure you get the best competitive term life insurance plan, or at least one you’ll be happy to have.
20S Finances, Do I Need MORE Life Insurance: My post explains when people should consider getting more life insurance and how to weigh the benefits and costs to determine if it is necessary.
Club Thrifty, The Necessity of Life Insurance: A Mortician’s View: Every day, I deal with people who have lost a loved one. Every day, I hear the stories of how much these people meant to their families. Unfortunately, almost every day, I meet families who’s loved one has died and left them without the protection of life insurance.
The Term Guy, Join the Life Insurance Movement!: The Term Guy explains how he uses term life insurance to ensure his kids can attend university, and to secure his wife’s retirement should he die early.
Lifeinsurancecanada, Why do I think life insurance is important for my family?: A Canadian life insurance broker describes how he implements different types of life insurance (term, universal life, and joint last to die) to guarantee an inheritence, ensure his kids can attend university, and secure his and his wife’s financial future.
Donna Freedman, Why I have life insurance.: My only child has health issues. I want to make sure I leave something more than fond memories.
Debt Black Hhole, Inside The Debt Black Hole #9 – Life Insurance Movement, Memorial Spaceflights and Cryopreservation: In this special 9th episode of Inside the Debt Black Hole, I talk about the Life Insurance Movement started by Jeff Rose of Good Financial Cents, give reasons why it’s important for all Geeks to have Life Insurance and provide some unique Sci-Fi sounding options available to Geeks who- like me- want to do something special as a final goodbye or are- also like me- really scared to die!
My123Cents, Wrestling with Life: This is both a blog and a video submission. It’s a bit tongue and cheek with the video, having some fun with wrestling. The blog post is more of the nuts and bolts. Thanks!
Womens Money Week, Ask Yourself: How Much Life Insurance Should I Have?: This post details exactly which questions to ask yourself to determine the amount of insurance you need – such as “Do I want life insurance to just cover my expenses or to increase my family’s wealth?”
Step away from the mall, I hope you really like Angry Birds: Anyone with a smart phone can find $20 per month to buy term life insurance, but there are a bunch of people who would rather waste money so they can throw “virtual birds” at “virtual pigs” instead of making sure their family is taken care of if they happen to walk in front of a city bus while trying to beat their high score! ? That needs to change.
Chuck Rylant, Are You Worth More Dead Than Alive?: We often buy life insurance because we’ve been told we should, but we don’t always understand exactly why or if we really need it. Nor do we know how much insurance is right. Today, I’m going to simplify life insurance, dispel myths, and save you money.
The Military Wallet, Types of Life Insurance for Military Members: We take a look at the various life insurance programs available to military members, including those offered through the military and government agencies.
High Yield Savings Accounts, How To Get Life Insurance With No Medical Exam: Many companies offer life insurance without requiring the individual to take a medical exam. But these policies don’t always offer as much coverage as other insurance policies and may be more expensive. We cover this topic and help people know what to look for.
Moneylicious, Why Life Insurance is Important: Life insurance is about providing a peace of mind. Statistical information is not enough to motivate people to purcahse life insurance. You have to meet people where they are at in their lives and tell their story.
Make love not Debt, Our Life Insurance Decision: After we got married, our first priority was to get life insurance. Here’s the steps we took.
Edward Antrobus, How Much Life INsurance Do You Need?: Life insurance is a very real need that many people ignore. But at the same time, you probably don’t need as much as you think you do.
The Loonie Bin blog, When Life Happens: The Importance Of Life Insurance: We all know that talking about insurance is as fun as using a metal slide on a hot summer’s day, but I personally believe insuring one’s life is the most important step that anyone can take when it comes to your family’s well being.
Beating Broke, The Life Insurance Movement: Covering the basics of life insurance, and urging you to have some, even if it isn’t enough yet.
Money Plan SOS, The math behind Whole Life and Term Life Insurance: What is the real difference between Whole Life and Term Life Insurance? I expose the truths behind the costs and show how one has better long-term benefits than the other for a majority of young adults. Audio recording is also available.
I heart Budgets, Death: The Only Reason For Life Insurance: Premature death. None of us want it to happen to us, but if it does, life insurance will allow your family to grieve without a huge financial burden.
Retire Happy Blog, Life insurance is the Foundation of your Financial Life: Most people never want to discuss life insurance or see a life insurance agent, but it is the foundation of a good financial plan. Without life insurance, an unexpected early death could crumble the rest of the plan.
Group Benefits Online, Converting Group Life Insurance: Some benefit plans allow for conversion privileges and one of the most common examples of this is converting a group life insurance plan into a personal plan.
Balance Junkie, Five Unconventional life insurance tips: Some of the common issues around life insurance are whether you need life insurance, how much and what type. Here’s some other tips to think about.
See Debt Run, Insurance for the Rainiest of Days: A fear of death and a feeling of invincibility can’t keep me from the reality that life insurance is one of the most important investments that you can make.
Married With Debt, Confessions for a Life Insurance Movement: Rather than a guilt-trip or lesson, John offers some life insurance confessions, including being underinsured and afraid of needles, which causes him to pay a higher rate.
Girls Just Wanna Have Funds, Life Insurance: How Much Does Your Household Need?: We’ve all learned in various situations that “it’s better to have it and not need it than it is to need it and not have it”; this is most critically true when it comes to life insurance. But how much is enough? Further, how much is too much?
Life Happens, Calling All Moms (and Dads) to the LIfe Insurance Movement: I don’t think I’ll die prematurely, but how the heck do I know if that’s true or just wishful thinking. The point is I don’t. That’s why I have life insurance. I want to make sure that if something were to happen to me, my husband could focus on raising our son without it being made infinitely more difficult with financial worries.
Your Smart Money Moves, Life Insurance: Why Do You Think 1 Million Dollars Is A Lot Of Money?: Having been a practitioner involved with life insurance over the past 21 years, I have unfortunately had to deliver my fair share of insurance checks. When I met people who have lost a loved one and now have to build them a financial plan, never once did I hear them say, “Boy, I’m so angry my life insurance agent sold me too much insurance!” Rather, I hear horror stories from widows who cannot understand why their husband didn’t take out more life insurance. Or, they assured their spouse that they would be ‘well taken care of’ if anything happened to them. This is the story for many families across America.
Personal Dividends, Your Family Needs Life Insurance: Your family needs life insurance because it provides financial support for them in the event of you losing your life, and peace of mind while you are alive.
Girls Just Wanna Have Funds, Getting Married: What Happens to Life Insurance Policies : When you get married, a lot of things from both your life and your partner’s life get thrown together, including finances, households, families and a host other things that you cannot really predict. But one thing you can take care of is dealing with your life insurance policies. There are a few things new couples can do to either enhance their life insurance coverage or reduce the amount they pay in premiums.
Solutions Financial, If you could rename life insurance, what would you call it?: If I could rename life insurance I think I would call it Realization Insurance. Why, Life insurance has so many uses and without it, realizations could not happen such as a Childs education to continue, a home for loved ones to live in, a business partner able to continue with his business, an estate left whole, a cottage to say in the family, an adult child having funds for home ownership, a grandchild being able to start life with a good foundation, and so many more wonderful things that could happen with realization insurance.
Consumerism Commentary, Life Insurance: Who Needs It?: I don’t have life insurance, but I don’t have dependents, debt, or expenses that can’t be covered from my savings. But if that doesn’t apply to you, consider life insurance.
Life insurance by Jeff, When is the Right Time to Buy Life Insurance?: The only time really start thinking about life insurance is when certain life events occur. Whether it’s the birth of new child or you lose someone close, it’s these type of events that get the wheels turning.
Usmc, Servicemembers Group Life Insurance – A Great Military Benefit: Military members have access to Servicemembers Group Life Insurance (SGLI). SGLI is an affordable group life insurance program that charges a flat rate to all military members, regardless of age, gender, health, or other conditions. It also does not have any war zone exclusions commonly found in traditional life insurance policies.
One Solution For, Why I Have Life Insurance: I knew I needed to evaluate my personal financial plan once my wife and I decided we were going to start having children. One part of that plan was to make sure our family would be taken care of, financially, if I died before we built up a college fund for our children, had a paid for house, and had enough savings built up so that my wife could raise our children if I was no longer around to provide an income.
Consumerboomer, How to Compare Life Insurance Policies: Let’s look at closer look at all the options when we compare the different types of life insurance policies and which might be best for your situation.
Healthy Wealthy Families, Life Insurance: Give the Gift of Care and Love to Your Family”: Today’s post is part of a national Life Insurance Awareness Movement. More than 115 bloggers and financial advisors are collaborating TODAY to flood the Internet with good information about a subject that can be tough to think about—nobody likes to think about their mortality—but is really a financial necessity for any responsible person with financial dependents.
Meg Financial, Why Is Life Insurance So Important?: I have devoted my entire career to helping individuals and businesses secure peace of mind with life insurance. Over the years, we have paid 31 death claims. Seeing the consequences of the “miracle of life insurance” first hand, I can testify to the profound impact that it has on people’s lives. Life insurance is absolutely mandatory to protect those you love the most!
Blog, Four Reasons to Have Life Insurance Now: The bottom line is that it is imperative to have a good life insurance policy in place to provide for your final expenses and for your loved ones going forward.
Insure Blog, Nick’s Story (Reprised): Cancer affects not just one’s health, but one’s financial decisions, too. Here’s the true story of how one family tried to cope with very limited resources, and how it drove one young man to dedicate his life to making sure other families weren’t left in that position.
Taranewby, Life Insurance is a Gift!: My two little boys and i lost our husband and daddy but we were given the gift of Life insurance!!! Protect your family too!
Go Banking Rates, Join the Life Insurance Movement — August 22!”: The cost of everyday essentials like food and shelter can be more of a financial burden than U.S. consumers can manage, which is why some don’t consider additional costs like life insurance. But many people don’t realize that life insurance is absolutely critical to ensure that their family’s lifestyle can be maintained and that arrangements for burial plots can be afforded, if they were to pass away suddenly. The Go Banking Rates team understands the importance of securing a quality life insurance policy, which is why we have jumped on board with Jeff Rose’s Life Insurance Movement to educate the masses about why life insurance is so important.
Life Starter, Join the #LifeAware Movement: We lay the foundation for why we, LifeStarter, recommend life insurance before pursuing any life goals.
IRA Market, A Bill I Feel Good Paying: When my life insurance premium bill arrives every August, I feel good paying it. Unlike my cell phone and health insurance bills, it is simple and straight forward. It’s also the right thing to do. If people depend on you or your income, life insurance should be part of your retirement plan.
“Learn Vest, 5 Ways Life Insurance Will Save Your Family”: We truly believe life insurance is one of the most important things to have if you have anyone depending on you for an income. And since today is the launch of the Life Insurance Movement, it’s a perfect time for you to join everyone around the country in signing up for a policy appropriate for you. But just in case you need more convincing to sign up for life insurance, here are five big things it will do to save your family if you or your spouse dies.
Magical Penny, Are you Life Aware? | Life Insurance In a Nutshell”: The idea of untimely death is the the trigger the latest financial movement, #LifeAware, over at another personal finance blog: Good Financial Cents. What would happen if you died and couldn’t provide for your family? For many, life insurance is all about solving that potentially major problem.
Spectrum Insurance Group, Life Insurance for High Risk: Helping High Risk Individuals find the life insurance they need at a price they can afford.
The Centsible Life, Life Insurance Movement: Life insurance is a vital part of your financial picture, but for many people it’s overlooked because they either don’t want to think about the need for life insurance or they are unaware how vital it can be, especially for families
Equifax, Four Reasons to Have Life Insurance Now: The bottom line is that it is imperative to have a good life insurance policy in place to provide for your final expenses and for your loved ones going forward.
The Chicago financial planner, Life Insurance – You Probably Need It: As a financial planner I am convinced that life insurance coverage is a key element in the financial planning process. Not all clients have a need for it, but it is always something that I look at
Blog, Is Life Insurance Gambling?: Some people might say so. One might say you are tossing money at something on a small chance that you may die young. However, when handled properly, it’s not betting at all. Simply put, it’s part of a bigger picture to protect the financial security of your family. When you buy life insurance, you’re paying for the peace of mind that your family will be taken care of in the event of your sudden demise.
Faith and Finance, Is Life Insurance a Waste of Money?: When I heard a 50-year-old man complaining that he wasted 20 years of his life paying into a term life insurance policy, I couldn’t help but think: Is life insurance a waste of money, or did he just not have the right expectations going into it?
Annuity think tank, Replacement Insurance: I talk to many people every week that want income for their lifetime. They also want to spend every dime they have ever saved in retirement. And they also want to leave as much of their savings and estate as they can to their beneficiaries. Life Insurance can be used for many different reasons, but used strategically it can be a tremendous benefit to everyone involved. Replacing what we have been working for our whole lives is an equation we work on constantly. Once in retirement, we should not have to watch what we spend, especially, if we are able to use the right combination of insurance.
Annuity think tank, Love Insurance: No, the title of this blog is not a typo. Many of you might be thinking that because we specialize in annuities, that we might not even know how to spell life insurance. Well as it turns out, I purposely wrote “Love Insurance”, because that is what I feel “Life Insurance” should really be called.
Annuitythinktank, Life insurance for your heirs: Why should anyone buy life insurance in one lump sum? It depends, Single Premium Whole Life or SPL is potentially one of the most scarcely used life insurance products in the market.
Annuity think tank, Is Life Insurance Gambling?: Is life insurance gambling? Some people might say so. One might say you are tossing money at something on a small chance that you may die young. However, when handled properly, it’s not betting at all. Simply put, it’s part of a bigger picture to protect the financial security of your family. When you buy life insurance, you’re paying for the peace of mind that your family will be taken care of in the event of your sudden demise.
Annuity think tank, “I hate Required Minimum Distributions and I don’t want to pay them.”: How many times have we heard a client, lead or prospect complain about their RMDs? Many times they ask us if there is any way around paying these RMDs and most of the time we throw up our shoulders and say “It’s uncle sam, and he wants his piece.” The truth is we should using this opportunity to help our clients move their money from it’s current taxable location to a tax-free lump sum position for their beneficiaries. Let’s thank about this for a second. What is our client really saying? He is saying that he does not like taxes.
Guaranteed life insurance, Determine Your Life Insurance Price: How Insurance Companies determine your cost for life insurance. We help you find an affordable policy to fit your budget!
Making the life you Want, Life Insurance For All? Most Definitely!: My personal experiences have led me to feel that life insurance is a necessary expense, and the sooner you’re covered, the better off you’ll be.
From Mrs to Mama, Do You have a Plan?: From Mrs To Mama – I was 23 years old when we opened up our first life insurance plan
Random Crafty Ga Girl, Life Aware: Random Crafty Georgia Girl – Life insurance is usually something that might be an after thought to people until something happens to a spouse.
Multiples and Money, Life Insurance – Just Do It: Stop procrastinating. If somebody is relying on your income, you need life insurance.
American Term, Who Needs Life Insurance?: Life insurance is no longer just for death as you can now get living benefits with life insurance policies, like critical illness and chronic illness riders at no additional charge with some insurance co’s. This trend will grow and more life insurance companies will offer more benefits besides just a death benefit. This should sway some of the “non-believers” to buy life insurance!
Making the Life you Want, Life Insurance For All? Most Definitely!: You may decide not to get life insurance now, and it is almost never too late. Please remember that insurance is a stop gap against what you cannot foresee.
My Financial Reviews, Life Insurance: Something Is Better than Nothing: One of the biggest fears and reasons people don’t get life insurance is that they’re afraid that they are too expensive. The good news is that you can get life insurance for your family at affordable prices.
Card Synergy, Why Life Insurance is Important: Life insurance is vital for any family. It’s a safety net, and a way to ensure that you don’t have to worry about money during a time that is already trying enough.
Div Insurance, Life Insurance for Young Families: A blog post geared towards young families. It focuses on the future benefits of life insurance as well as why they need it to protect them now. The post also highlights that life insurance is not necessarily just for the breadwinner in a home.
Life Insurance Awareness Month is observed every September. It’s an educational initiative that helps you address some of the most common questions and concerns associated with life insurance coverage. This year’s theme is “Life Happens,” something we hope you keep in mind when it comes to reviewing your life insurance coverage and becoming more educated about not letting life just happen.
The 2012 spokesperson is Buddy “the Cake Boss” Valastro. After losing his father and being forced to drop out of high school to keep the family business afloat, Buddy learned firsthand what happens when there is no life insurance protection. Buddy’s story is an example of many that are shared during Life Insurance Awareness Month.
With the economy still struggling, many Americans may have or have had to choose between paying bills and buying life insurance. The decision to go without life insurance could put families at financial risk during a time of emotional and financial stress, leaving them unprepared for the future. According to a study done by LIMRA, three in 10 American households (35 million) are uninsured, and half say they need more life insurance. The survey also showed:
95 million Americans have no life insurance, and those who make between $35,000 and $100,000 a year represent the largest group of these households.
Seven in 10 women agree having life insurance is a necessity and all people should have it.
One-third of married women do not have life insurance, despite the fact that 7 out of 10 households are dual income.
More than half of Generation X and Y households need more life insurance.
As you are facing the strain of today’s economy, think how your family or business would fare if you were to die leaving no income and unpaid financial obligations. This is a problem that can be solved easily and economically through the use of life insurance.
During September, LIFE will share the realLIFEstories of real people who planned for the unexpected and prepared by buying life insurance to protect their loved ones. These families are sharing their stories in the hope that it will educate and motivate others to take personal financial responsibility through the use of life insurance and related products. Take action today to protect those you love.
My uncle’s friend had decided to discontinue his life insurance; the form, unsigned, was sitting on his bed when he had a heart attack and died. Because he hadn’t yet signed the form, his widow received the life insurance payment, which helped her survive and live a comfortable financial life after his death.
My parents didn’t feel that they could afford life insurance, but they did take advantage of the free policy my dad was eligible for at work, as well as the free policy at their credit union, which was a good thing. My dad died of colon cancer at age 38, just four months after receiving his diagnosis. There was enough life insurance for my mom, a homemaker, to pay off the house, but there wasn’t much left beyond that. A good life insurance policy would have given her money to invest so she could have continued to stay home with my brother, who had cerebral palsy and needed care throughout the day and night during his lifetime.
Because of my experience with my father, my husband and I signed up for life insurance when our son was just an infant. I have seen what life is like without the safety net of life insurance, and it isn’t good. My mom has struggled financially in the 26 years since my father’s death.
Why We Pay for Life Insurance My husband and I wanted to make sure that if one of us died, the other would be able to invest the money and live off the interest. At the least, we wanted to have an amount of time where we could focus on caring for our family and not worry about money.
The life insurance will help pay for our children’s college. If I die, the money will help my husband hire a caretaker for our children; if my husband dies, the money will allow me to continue my freelance career, working from home, and supplement my income so I can provide for the children.
Death Is a Reality—We Just Don’t Know When It Will Happen No one wants to think about dying, but we all are going to. Hopefully we live long lives, but just take a minute to face the scary possibility of something happening to you or your significant other. How would you survive financially? How would your spouse? If you both passed, how would the legal guardians provide for your children financially?
If you don’t have life insurance, these questions become very difficult to answer. If you do have life insurance, you may feel pain at thinking of the loss of your spouse, but you won’t be concerned about the financial aspect of such a loss.
Life insurance is now more affordable than ever. You may think you don’t have the money to buy it, but I urge you to evaluate your expenses. We are trying to pay off debt at gazelle intensity. Sure, the $77 we pay every month for life insurance would be a nice chunk of money to put on our debt, but that is short-term thinking. I prefer to pay down debt just a bit more slowly so I can pay our life insurance premiums and know that our family will be taken care of financially if my husband or I die early.
Do you have life insurance? If you don’t, what is holding you back?