Why You Need To Rethink Life Insurance And What You Should Know About It
Sep 18, 2020
This year the Global Pandemic (COVID-19) has raised awareness about how uncertain life can be. We are no longer sure about how long we can count on things that made us so strong. Simple things such as the freedom to go out; our dependency on security infrastructures; the mere feeling that we were covered for life.
In the most tragic cases and the most unexpected turn of events, we may even have to deal with the loss of a loved one. When the main breadwinner of the household is no longer around, you are forced to rethink your options in life.
According to LIMRA, almost 50% of Americans lack life insurance in the household or don't have enough coverage for contingencies. Statistics show 1 in 3 families have expressed their inability to afford a life without the support of the main wage earner. The pandemic has the potential to worsen this ratio as more and more people fall prey to employment losses and economic challenges.
How can life insurance provide security and protection to everyone?
These days our mortality has been put to the test, and we have been forced to think about alternate options to secure ourselves during unexpected events. We can no longer afford to view life insurance as a service that covers the demise of the primary insured applicant.
We need to think about safeguarding our income and well-being while we are still alive. We need to realize that we are exposed to extreme health, social, and economic emergencies at all times. Just like the pandemic that hit us at the beginning of the year.
Pause what you are doing and think about the following:
Who will provide for the family if your spouse or you are not able to work anymore? Who will be able to pay for the expenses related to raising a child or college? How are you going to pay to buy a home, or for a wedding?
Everyone needs to protect their life for the benefit of their loved ones, if not always themselves. This is where life insurance can make a difference. As part of your financial plans, buying life insurance is actually equivalent to making an investment in the financial security of your lives.
If you still have any grudges against the term, now is the time to let them go and join thousands of people who are opting for a life insurance plan. Especially, when now there are Terms that offer living benefits as well.
It’s the unconditional support that you and your family need when times are tough.
Is life insurance expensive?
Contrary to popular belief, life insurance is very affordable and accessible to everyone, irrespective of your financial situation. These long-held negative beliefs about life insurance have been addressed by financial planners' time and again. Many advisors will work with you and craft a plan that fits your current budget and priorities.
Life insurance is like buying money at a discount. Where else can you get $100k, $500k, $1.5 million or more, and pay a very low fee for it on a regular basis? It’s an investment that will pay off either right now or in a decade’s time, and will also play its part in protecting your dream life.
However, it is important to note that it is not a one-size-fits-all program that you can buy off the shelf. A plan that works for you needs to be customized based on your age, health, coverage, needs, and life goals. Understanding both your current and future financial needs is the first step towards a stable future.
Do you need life insurance for your kids or if your 20s?
Yes!
My friend Samantha received a huge ‘scare’ on September 3rd this year. Her 18-year old daughter ended up in the ICU with a subacute brain hemorrhage, without any previous warning.
Devastated by the emergency, Samantha was shaken to the core, but she thanked the heavens for the financial planning that she had managed to secure for herself.
The good news is that they were able to take care of her and her daughter is back home recovering. But, imagine what she would have gone through had she not committed herself to a Term with Living Benefits. All her medical bills were covered through the plan, and amidst all the pain that she was suffering, money was the least of her worries.
Start protecting your future, now!
Our brains are wired not to think about pain, but as an unavoidable reality, I urge you to think about times when you may have to deal with such events: death, chronic illness, and even disability.
That is what Life insurance can do for you and your loved ones. It is a source of consistency and stability that you need when thinking about making long term plans: fund your child’s education, make a donation, cover bills and funeral costs, and other financial burdens.
Life insurance can also play as a great retirement plan. There are tax-free options that can allow you to grow your money without the risk of losing it in the market. If the plan is prepared the right way and is specific to your needs, it can deliver immense peace of mind during your retirement years.
It’s a personal choice, depending on your own obligations and needs. But it’s a choice that needs to be made NOW.
If you want to learn more about your Life Insurance options, please feel free to reach out, and I can have someone in my team help you out.
Just schedule a time so we can chat.
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