There’s a positive correlation between owning life insurance and having financial security. One of the biggest ways life insurance can provide financial security is by ensuring that loved ones are financially prepared for the death of a primary wage earner.
Most Americans report they’d feel the financial strain within a week to six months of such an event. If your household would find it financially difficult to bear the death of its primary wage earner, life insurance is a great safety net. Whether you allocate funds into a traditional whole life policy or find that an inexpensive term policy suits you best, there are options out there to ensure that you and your family are covered, no matter what.
The top three reasons people buy life insurance include: covering burial expenses, compensating for the income loss of the deceased wage earner and transferring wealth or leaving an inheritance to a loved one.
Every day we meet people and while talking, the topic of life insurance comes up. Many of them don’t have life insurance and the primary reason they say, is because they can’t afford it.
How do you mean you can’t afford it?
What is the price of peace of mind?
What sacrifices can you make now, so that your loved ones don't have to sacrifice then?
Life insurance owners feel more financially secure than those who don't have it. When comparing life insurance owners with non-owners, the former are 10% more likely to feel financially secure.
- 68% of people with life insurance feel financially secure, compared to only 47% of non-owners feel the same way.
- After the death of a primary wage earner, 10% of people would feel the financial strain within one week and 44% would feel the consequences within six months.
- Among those who need life insurance but don’t have coverage, 49% report they aren’t covered because life insurance is too expensive.
- 20% of people indicate they have a financial safety net of five years or more in the event of the death of their primary wage earner.
- 78% of life insurance owners with both employer and individual coverage feel financially secure.
Life insurance can be the safety net that keeps your household financially secure amidst the loss of a primary wage earner. It can be the glue that keeps things together when all seems like it is falling apart.