September is Life Insurance Awareness Month, and Reliable Agency would like to discuss this critical type of insurance. This helps protect your family’s most valuable asset; you and your loved ones. The untimely passing of you or one of your loved ones is a subject that many of us avoid simply because it isn’t something pleasant to think about. Losing someone unexpectedly can leave a family with both a significant emotional loss and financial loss.
Why Life Insurance?
Often, dealing with the emotional side of things is hard enough. Family members struggle with the emotional grief of the loss of a loved one. They often struggle if also faced with financial worry stemming from a loss of income. In addition, families are then forced to make decisions that adversely change the direction of their family’s future.
This gap in a family’s financial security is more widespread than many of us realize. The Life Insurance and Market Research Association (LIMRA) states that 40% of American do not carry any life insurance. And 33% of family’s that have life insurance don’t have enough. In short, roughly 40% of us are not carrying enough of this critical protection.
It Costs Less Than You May Think
One primary reason we’ve heard from people for not looking into life insurance is that they feel it would cost too much. This is a common misconception many have. In a study put out by LIMRA this year “forty-four percent of Millennials estimated that the annual cost of a 20-year term policy for a healthy 30-year-old at over $1,000 when it’s actually closer to $165 per year.”
Life insurance can provide the financial peace of mind if, or when, this type of loss to your family occurs. There are a few different types of life insurance products out there, but all of them provide this financial benefit to a named beneficiary, tax free, immediately upon death.
Living through this pandemic has shown us all how vitally important it is to investigate things like life insurance and make sure our family’s prepared for the unexpected. At Reliable Agency, we have access to numerous companies that specialize in the various types of coverage. If you’re interested in talking about your family’s situation, please reach out to our Benefits team, and we would be honored to help.