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
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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.
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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:
Life insurance needs calculator
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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