Six out of ten people have life insurance1, and most of the other forty percent know they need it. But with concerns about the economy and the strain of everyday expenses, many people think they can’t afford more (or even any) life insurance. Many people don’t realize how affordable this essential protection can be, and they overestimate the cost. Educating yourself, and learning about some of the most common misconceptions about life insurance can help you get on the right track to protecting your family’s future.
Why it’s Important:
Planning for your family’s future if the unthinkable should happen is not a pleasant thought, but a necessary one. If you are the primary wage earner, it‘s important to consider how your family would get by without your income. How would they pay the mortgage? What about the kids’ college fund? Would they end up in debt or face financial risks? How would they cover the cost of daily living, not to mention your final expenses? A solid life insurance policy can help assuage these fears, and put your mind at ease.
According to a recent study conducted by LIMRA, many people overestimate the cost of life insurance by double. This study revealed that among people with no life insurance, they estimated a $500/yr premium when reviewing a policy that actually only cost $160/yr.2 Also, many people think it’s just your age and health that drives the cost. While those are significant contributing factors, life insurance premiums can also be affected by your credit score and driving record. Bottom line, life insurance may be more attainable and affordable than you realize.
How We Can Help:
Whether you have no life insurance, or are thinking about enhancing your current coverage, we’re here to help. Life insurance is a complex product, and your needs are unique. We can sit down with you to develop the best strategy to plan for your family’s future, and establish your peace of mind.
P.S. Did you know we can help protect your furry friends too? Talk to us about pet insurance!
1 Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave SE, Mercer Island, WA 98040. Products & features may not be available in all states & may vary by state. 2. All facts are from LIMRA’s life insurance consumer studies.