What is Life Insurance and Why You Need itWhy is life insurance important? Having life insurance protects your family from the financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses. Life insurance pays out a sum of money either on the death of the insured person or after a set period of time. Helps replace lost income and pay for final expenses.
According to the 2020 Life Insurance Study by Life Happens and LIMRA, nearly half (44%) of Americans would feel an extreme financial burden within 6 months if the primary breadwinner in the family were to die. About 28% would feel this extreme financial burdern within a month. Despite these findings, only 54% of American adults have life insurance. What prompts them to buy it? The study found 5 common reasons why adults purchase life insurance that stick out. People want to:
This means 46% of the adult population today who feel its not their responsibility to help take care of their family and have no life insurance. Myself, I could never think that way and, I hope you feel the same way as I do too! When looking into purchasing life insurance there are basically 3 common type of life insurance. Common Types of Life InsuranceTerm Life Insurance
Whole Life Insurance
Universal Life Insurance
Contact us to learn more about which type of life insurance is right for you and your family. |
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