Life Insurance Awareness Month

September is Life Insurance Awareness Month, and we here at Reliable Agency would like to take a moment to discuss this critical type of insurance that protects your family’s most valuable asset. That asset, of course, is 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. That being said, losing someone unexpectedly can leave a family with both a significant emotional loss and financial loss.

Often, dealing with the emotional side of things is hard enough. When families are also forced to deal with the financial piece right away, they are not able to take the time needed to deal with the emotional grief that is right in front of them. In addition, because of the lack of finances, families are also 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 4 out of every 10 American households are putting their family’s future at risk by simply not carrying any life insurance, and 1 out of every 3 that do have life insurance state they don’t have enough. In short, roughly 40% of us are not carrying enough of this critical protection.

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 team, and we would be honored to help.

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