Why are so many households underinsured?
“The way I look at it, it comes down to self-worth and whether or not you think you and your family are worth protecting. I think you are.”
–Danica Patrick, 2017 Life Insurance Awareness Month spokesperson
According to the 2017 Insurance Barometer Study (Life Happens/LIMRA):
• 85 percent of people believe households should have life insurance, yet only 59 percent say they have it.
• 40 percent of households without life insurance would struggle to pay living expenses if their primary wage earner died.
• 40 percent of people wish their partner had more life insurance.
For many, life insurance should be at the center of a financial plan. So why are so many households underinsured?
There are several misconceptions about life insurance:
“It’s too expensive.” It’s not. Many people can be insured for the price of a daily cup of coffee.
“I’m too young.” You aren’t. In fact, the younger and healthier you are, the easier it is to lock in coverage at a great rate.
“I can always get it later.” Too often untrue. Unfortunately, age and health can create significant barriers to getting adequate coverage. You may develop a condition that makes you uninsurable – or worse, you may fall victim to a tragic and unexpected accident.
“I don’t need life insurance.” You most likely do. Life insurance doesn’t just cover leftover bills. It can replace income in a household, serve as an inheritance for a loved one, fund education goals for a child, provide a sizeable donation to a charitable organization and so much more.
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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