Why devote a month to life insurance awareness? As a single father raising kids in Chicago, I’ve got big plans ahead in my life. As someone who has dedicated the past 12 years to learning how to win the money game, how I view life insurance has changed since I paid $20 per month for $200,000 of Serviceman’s Group Life Insurance (SGLI) while serving in the US Marines.(Check out Buddy “Cake Boss” Velastro’s story here – http://www.lifehappens.org/cakeboss/)
To me, life insurance has evolved to more than just another bill…or worse, simply talking about what happens when I die. It is making sure all the financial dreams and goals I have has a better chance of making it to reality utilizing life insurance as a financial tool to help me get there.
This is an era where the life insurance industry has shown it’s financial strength and integrity as compared to many other financial vehicles you can entrust your money with for long-term savings, i.e. banks, brokerage firms, real estate.
In my opinion, the life insurance industry has done a POOR job educating us all on HOW their financial products can help us get ahead. Meanwhile Wall Street continues it’s masterful marketing and promoting of their investments throughout various media sources and programming.
About half (49%) of U.S. adults who have a financial advisor and a financial plan have spoken with their advisor about adding life insurance to their financial plan. – Harris Interactive® on behalf of Saybrus Partners
If that shocking statistic doesn’t move you, why aren’t more financial advisors more proactive about BEGINNING a client’s financial plan WITH life insurance? Instead, most will go into detail about proper asset allocation theory that hopefully works in tough times.
Life insurance is the only financial vehicle that can guarantee a financial estate to the next generation in spite of economic losses, income tax-free.
No, life insurance is not a complex financial product to those that understand the simple basics. The principles of how it has been designed has changed minimally throughout the years.
Has it evolved? Yes. Is life insurance misunderstood thru lack of education and generational misconceptions passed along at the dinner table? Absolutely.
Thankfully, the Life Foundation has created a mission to make sure this pattern is reversed. Join us throughout this month as we journey through an education and awareness of how Life Insurance can change your life…forever.
REPOST from Life Happens website:
Life insurance can do some pretty amazing things for people. It can buy loved ones time to grieve. It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate. It can keep families in their homes and pre-fund a child’s college education. It can keep a family business in the family. It can provide a stream of income for a family to live on for a period of time. Life insurance can do all of these wonderful things for your family…there’s just one small catch. You need to own life insurance.
There’s a growing crisis of too many Americans not having adequate life insurance protection. According to the industry research group LIMRA, 30 percent of US households have no life insurance whatsoever. Today there are 11 million fewer American households covered by life insurance compared with six years ago. Here’s the bottom line: A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.
What if you were suddenly gone and your family had to manage on their own? When was the last time you did the math to make sure your loved ones would be OK financially? Have you checked with your employer to find out what kind of life insurance benefit you have through work and whether you have the option to increase your coverage? When was the last time you had your life insurance needs reviewed by an insurance professional?
To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit LIFE Foundation coordinates Life Insurance Awareness Month. Each September, LIFE is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups. LIFE’s website is the leading source of objective information about life insurance. Spend a few minutes learning more and trying our interactive tools like the Life Insurance Needs Calculator. If you find that you have a need for coverage, we strongly urge you to act by contacting an insurance professional in your community or your benefits manager at work. Your family’s financial future is too important to leave to chance.