It’s nice to envision a solid financial future for yourself and your family — one in which your money grows
sufficiently to allow for buying homes and cars, putting children through college and having enough income to retire comfortably.
All of that presupposes that you will be alive to do and enjoy those things.
What if you’re not? Will your spouse and children be able to experience all that you want for them?
Ensuring that your loved ones are protected is what life insurance is all about — an important reminder because policy ownership is at a 50-year low, according to the Life Insurance and Market Research Association (LIMRA). It found that:
? Only 44 percent of U.S. households have life insurance.
? One in five households with children under age 18 is uninsured.
? Nearly half (48 percent) of households that do own life insurance have too little coverage — enough to last their heirs only a few years.
Lack of awareness isn’t the problem. Of families with no coverage, 73 percent recognize their need for it, and 62 percent say they would be in immediate financial trouble if a primary wage earner died, according to LIMRA.
The three most common reasons people cite for not buying life insurance? The fear that it’s too expensive, procrastination and worry over lack of knowledge about how much insurance is needed.
None of these excuses is valid, of course.
As for cost, well, sure, it costs money. But so does a big-screen TV. The latter is a luxury and the former a necessity. And policies are surprisingly inexpensive these days. For example, a 50-year-old male nonsmoker in good health can get a $500,000, 20-year term policy for about $111 per month, and a healthy, female nonsmoker might pay only about $87 per month for such a policy.
And procrastination? Please. “Here lies Dad. He left us in dire straits because he was too lazy to buy life insurance.”
Don’t know how to buy life insurance? Call us. We’ll show you how to determine the amount of coverage you need to protect your family, and how to buy a policy inexpensively.
September is Life Insurance Awareness Month — a good time to contact us for help in meeting this important financial planning need.