One of the most important purposes of life insurance is to replace your income for your family when you pass away.
Keep in mind that insurance isn’t intended to guarantee that your spouse won’t have to work after you die. It’s to make your family as financially comfortable without you as with you.
During September, cialis sales designated Life Insurance Awareness Month by leaders in the insurance industry, viagra buy I’d like to share some important facts* from LIMRA (the Life Insurance Marketing and Research Association).
Fact: Buying Insurance is An Act of Love
The first fact is that love and life insurance are inseparable. Love is powerful. Nowhere is it more apparent than when you’re getting married and starting a family. LIMRA research shows that life events like these are the most likely to prompt shopping for life insurance. Love and life insurance are inextricably linked together. Why? Because you want to protect the ones you love.
The top reasons people buy life insurance are: to cover burial and other final expenses; to help replace lost income; to help pay off the mortgage; and to transfer wealth or leave an inheritance. Each of these protects loved ones from financial stress.
Industry findings indicated that one-third of Americans would be financially impacted by the loss of the primary wage earner in just one month. September is a great time to remember that purchasing life insurance is a great way to say “I love you” to your family members, by keeping them financially secure.
Fact: Confusion & Misunderstanding Abound
Unfortunately, studies also show that many people don’t have the coverage they need. Only 44 percent of American households have individual life insurance – that’s the lowest number in half a century. The good news is that half of all households realize they need more. But only 10 percent of households will actually buy life insurance this year. What’s holding people back? LIMRA research finds that consumers misunderstand insurance as too expensive when in actuality the great majority of them have overestimated the cost of purchasing a policy. Or they prioritize other financial needs over insurance rather than thinking of life insurance as a critical part of an overall sound financial plan.
The bottom line is that there is a lot of confusion and misunderstanding surrounding the idea of life insurance. LIMRA has found that there are some 19 million “stuck” shoppers – i.e., those unable to make the final decision to buy a policy – in the U.S. who are confused by what they see.
Fact: Conversations Can Get Things Started
It doesn’t need to this way. With a little guidance and support, more people can get their loved one protected with the right insurance policy. LIMRA finds that the more people talk about their long-term goals, the less likely they are to put them off. Getting the conversation started is a great step in the right direction.
Don’t procrastinate! Talk over your insurance needs with your family, then call or visit your local branch officer and have them explain our different insurance products; or call the Home Office at 1-800-533-6682.
*All findings are from LIMRA’S recent U.S. consumer studies.