WHERE WAS THE LIFE INSURANCE?
I had this nagging feeling even before I understood what a great value life insurance protection is, and well before I started this forum to let everyone know the truth about life insurance. I would read or see in the news that a family had tragically lost a key member, one of the bread winners or a stay at home parent. As I read the details of this awful loss for the family the news would too often end with a plea for people that were touched by the tragedy to deposit money in a bank account set up for the family. Then along came Go Fund Me and people were asked to electronically give to soften the financial blow the family was facing. Are you counting on Go Fund Me for your family’s future?
When I consider the menial amounts produced through Go Fund Me campaigns I feel bad that no one reached these families and explained how affordable it could be to have family life insurance protection. Instead of hoping that enough money can be raised to pay final expenses and possibly give the torn apart family enough to live on for a while, why wasn’t a life insurance policy in force that was large enough to truly negate the financial blow?
Consider these findings from a LIMRA, Life Insurance Market Research Association, study. It should get the attention of all of us who have responsibilities in out adult lives.
•LIMRA research finds that approximately 50 million households recognize they need more life insurance.•Among individuals with life insurance, about 1 in 5 say that they do not have enough. •About 20 percent of individuals who don’t own life insurance don’t know how much coverage they should have.•Nearly half (44 percent) of individuals who don’t own life insurance indicate they have enough (i.e., none is enough) or they do not need any. •Among married/partnered consumers, one third wish that their spouse or partner would purchase more life insurance•16 percent of consumers are not sure how much life insurance protection their spouse or partner has (if they have any) •In 2017, only 48 percent of employers offered life insurance to their workers, a 23 percent decline from 2006.
One fact left out of that study that is likely the crux of the whole life insurance question? 60% of those questioned in another survey estimated that life insurance would cost 3 to 5 times more than it actually does. That is the fault of agents who sell expensive products because it helps them make more money. There are inexpensive options for almost every situation. You don’t know if you don’t ask!
Bottom line. The number of life insurance professionals and on line life insurance agencies is limited. We can’t reach out to everyone and wake them up. I pray for every family that is tragically dependent on Go Fund Me, but let’s get real. It is time for American adults to grow up and wake up. Your responsibilities (your family, your business, your debt) were yours during life and should have been planned for if you die prematurely. I know. Rude, huh? If you have questions about how to ensure you have enough life insurance or how to easily get a needed policy, call or email me directly. My name is Ed Hinerman. Let’s talk