Recent events have shown us the importance of saving for a rainy day. Many people were unprepared for the loss of income due to the COVID-19 pandemic, and struggled to make ends meet.
This September is Life Insurance Awareness Month. This month reminds us to value our financial preparedness and ensure we are taking steps to protect ourselves and our loved ones.
Life insurance is one of your most valuable assets to protect your family’s financial future. Life insurance can help your loved ones cover expenses like mortgage payments, college tuition, and everyday living costs if something happens to you.
The History of Life Insurance
The notion of life insurance dates back to ancient Rome, where a Roman military general named Gaius Marius created a burial society to settle the funeral expenses of soldiers killed in battle.
In the centuries that followed, life insurance developed in various of the world. For example, in 17th century London, the Society of Lloyds was formed to insure ships and cargoes. The first life insurance company was founded in 1759, in North America was established in Philadelphia.
In the modern era, life insurance has become one of the most important financial tools available to families and individuals. Different types of life insurance policies are available, and the right policy for you will depend on your specific needs and goals.
Life Insurance in Numbers
Life insurance is one of the essential financial tools available to families and individuals, yet many people are not adequately covered. A study conducted by LIMRA and Life Happens, over 100 million American adults do not have life insurance. While 2 out of 5 parents are not financially prepared. Lastly, 44% of households in the country mentioned that they would feel financial difficulty within six months if the primary earner died.
On the contrary, people with life insurance feel more financially prepared. 68% of insured adults feel very confident about their family’s financial future, compared to 53% of uninsured individuals.
If you do not have life insurance or are unsure if your coverage is enough, now is the time to take action. Life Insurance Awareness Month 2022 is the perfect time to shop around and compare life insurance policies to learn the right coverage for you and your family.
Why You Need Life Insurance
Life insurance can be one of the most crucial tools to protect your family’s financial future.
If something unexpected happens, it can:
Secure Your Family’s Future
The primary purpose of life insurance is to financially protect your loved ones upon your death. It will help your loved ones cover expenses like mortgage payments, college tuition, and everyday living costs. If your income is the main source for your family, life insurance can help ensure they will not suffer financially if you are no longer around.
Accomplish Financial Goals
In addition to protecting your family, you can also use life insurance to help you reach your financial goals. For example: people with young children may want to use life insurance to fund their education. Or, perhaps someone nearing retirement may want to ensure their loved ones are taken care of financially with life insurance as an inheritance.
Protect You From Income Loss
What happens if you die and you are the breadwinner of your family? If you don’t have life insurance, your family will no longer have your income. Life insurance can help replace income and ensure that your family is taken care of financially if something happens to you unexpectedly. This financial stability can give your household peace of mind that they can maintain their standard of living.
Cover Funeral Expenses
Funeral costs can be expensive and often one of the last things people want to address. If you don’t have life insurance, your loved ones will be responsible for covering these costs. A life insurance policy can help ensure that your final expenses are covered without putting a financial burden on your loved ones.
Prevent Debt Burden on Your Family
If you’re married, die without life insurance, and leave behind debt, your spouse will be responsible for paying off those debts. This could deplete their finances and cause undue stress during an already difficult time. A life insurance policy is there to protect loved ones so they are not left with this financial burden.
There are many reasons to get life insurance, and Life Insurance Awareness Month is the perfect time to check your current coverage and ensure you have enough and the right policy in place.
One phrase sums up the value of life insurance — peace of mind.
No one can be certain when it will be their time, which is why life insurance is vital. If something happens, your life insurance can help your loved ones financially keep their heads above water.
In closing, if you are interested in learning more about life insurance, get in touch with us at here at ALIA today. We are happy to help you decide which insurance product would be your best fit. We also provide insruance sales coaching programs as part of our Agency Builder Program!
Please don’t wait until it’s too late; ensure you’re adequately covered today.
Considering Life Insurance? Give Us a Call
There is so much more to learn about life insurance. Of course, we understand that you may have more questions about investments and insurance. Check out our blog for more information about all things life insurance related! For answers that are informative and actionable, look no further. Give us a call today for all things investment and insurance-related.
Below are some of the most commonly asked questions about life insurance awareness month:
Why Is Life Insurance So Important?
Are you the main provider for your family? Life insurance is essential because it can help your loved ones financially if you die unexpectedly. Life insurance can help ensure that your family will not suffer immensely after your death. It can also help you reach your financial goals, such as funding your children’s education or creating an inheritance.
How Do You Celebrate National Insurance Awareness Day?
There are many ways to celebrate National Insurance Awareness Day. You can learn more about insurance and how it can benefit you and your family. You can also review your insurance policies to ensure you have the right coverage. You can also spread the word about the importance of insurance by sharing this article with your friends and family. Lastly, if you have considered a side income as an Independent Insurance Agent, we offer one-on-one coaching and training to become a successful agent. Please get in touch with us today!