Life insurance is the foundation of financial security
“In life, you have difficulties; you have struggles. I think that you can enjoy life a little bit more when you have a little less to worry about. For me, this is where life insurance comes in.”
–Danica Patrick, professional athlete, entrepreneur and 2018 Life Insurance Awareness Month spokesperson
According to the 2018 Insurance Barometer Study (Life Happens/LIMRA), 84 percent of people believe most people need life insurance … yet only 59 percent say they have it. Most people, then, identify life insurance as the foundation for a strong financial plan.
So why are so many households underinsured?
Let’s break down some common misconceptions about life insurance.
Myth: It’s too expensive.
Truth: Not really. Many people can be insured for the price of a daily cup of coffee.
Myth: I’m too young.
Truth: No one’s too young for life insurance. In fact, the younger and healthier you are, the easier it is to lock in coverage at a great rate – and stay covered. It’s called insurability.
Myth: I can always get it later.
Truth: Famous last words, and too often untrue. Age and health can make it tough to get the coverage you want. You may develop a condition that makes you uninsurable – or worse, you may fall victim to a tragic accident.
Myth: I don’t need life insurance.
Truth: Life insurance has many, many uses – uses that most people could benefit from. It can cover bills, pay for funeral costs, replace income in a household, serve as an inheritance for a loved one, fund education goals for a child, provide an important and sizable donation to a charitable organization and so much more.
Your turn. Do you have enough coverage? When was the last time you checked?
September is Life Insurance Awareness Month, a nationwide campaign created in 2004 by Life Happens. Life Happens is an organization dedicated to educating consumers on financial products and topics.
Find your local Modern Woodmen representative at reps.modernwoodmen.org – and check out the content below for planning tools, personal stories and more information about the value of life insurance.
Modern Woodmen member stories:
Founded in 1883, Modern Woodmen of America is a fraternal financial services organization offering financial products and fraternal member benefits to individuals and families throughout the United States.
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