“Getting life insurance might feel scary, or like it’s something other people do – but once you get it, it’s done. And it’s something most people can afford.”
– Brooke Shields, actress, model, designer, mother, and 2019 Life Insurance Awareness Month spokesperson
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According to the 2019 Insurance Barometer Study (Life Happens/LIMRA), only 57 percent of American households have life insurance – yet 40 percent of those without it say they would immediately struggle to pay living expenses if their primary wage earner died.
In other words, most people understand the need for life insurance. So why are so many households underinsured?
Let’s break down some common misconceptions about life insurance.
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.
Myth: It’s too expensive.
Truth: Not really. Many people can be insured for the price of a daily cup of coffee.
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’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.
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:
Modern Woodmen was founded in 1883 as a fraternal benefit society. The organization supports members, families and communities with a unique blend of financial services, fraternal benefits and local-impact opportunities.
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