Why is life insurance so important for you and your family?

Why life insurance is so important for you and your family

I don’t need more life insurance because…

…I have coverage through my job

…I don’t have a mortgage

…I don’t have any children or my children don’t live with me anymore

…My children are grown and don’t live with me anymore

…I can’t afford it

Do any of these sound familiar?

These are some of the most common reasons we hear when we ask people why they haven’t purchased the life insurance they need.

Let’s take a closer look at why life insurance is important for your future.

I have coverage through my job.

This is one of the most common reasons that people think they don’t need more life insurance. But if you have a family to support, or want to leave a legacy for your loved ones, a policy through your job may not be enough.

DID YOU KNOW?
The average amount of coverage provided through an employer-sponsored life insurance policy is only 1x your yearly salary.

Think about that. Would your annual salary be enough to take care of your family for years to come? Probably not.

DID YOU KNOW?
The average person stays at one job for approximately 4.4 years.

What happens to that coverage if you change jobs, are laid off, or the company closes? It most likely won’t be available anymore. There’s also no guarantee that your new job will offer life insurance.

I don’t have a mortgage.

Don’t have a mortgage to pay? That’s great! Whether you rent your home, or have paid off your mortgage, you still have other living expenses to pay, right? Things like groceries, electricity, internet service and transportation costs can add up quickly.

DID YOU KNOW?
7 in 10 families are dependent on two incomes.

If yours disappeared, would your family be able to pay their monthly bills?

I don’t have any dependents or my children are grown and don’t live with me anymore.

Just because you don’t have to worry about supporting children (whether you don’t have any, or they don’t live with you anymore), doesn’t mean you don’t have to worry about yourself! What about YOUR future?

DID YOU KNOW?
The average out-of-pocket medical costs for a 65-year old couple over a 20-year span is $218,000.

Will you have enough to cover any unexpected medical costs when you retire?

I can’t afford it.

This is a big one. So many people overestimate the cost of life insurance. The good news is that it’s probably not as expensive as you think!

DID YOU KNOW?
People who have no life insurance overestimate how much it costs by 3 times.

If you haven’t priced out a policy, it might be time to! Life insurance plans are flexible. A good agent will help you build a policy that fits both your lifestyle and budget. And as your life changes, you can adjust your plan to fit your needs.

 

_____________________________________________________________________________________

We believe in being here for you!

Let us help provide peace of mind for your family. For more information about The Family Security Plan® and our portfolio of supplemental insurance products, visit our product page or call 855-789-4976 to speak with a dedicated Family Security Plan® Representative.

*Sources: LIMRA, Indeed.com, Bureau of Labor Statistics, Jobvite.com, Nerdwallet.com, Careerbuilder.com, Statisticbrain.com, Center for Retirement Research at Boston College, Praxis Research Partners, Administration for Community Living, Nielson.com, Institute for College Access and Success