Life Insurance: Why It’s More Important Now than EverPosted on Aug 27, 2020
September is life insurance awareness month. It has never been more evident that we live in uncertain times than in the first eight months of 2020.
We’ve gone from a nation where going to concerts, sporting events, movies, and dinner on the town were normal occurrences. To a time when sporting events are now viewed from home, dinner is eaten in, and new movies are live-streamed in homes.
If nothing drives home the precariousness of life, this current global pandemic is certain to do so as workplaces and schools have closed down to slow the spread of this disease. Below you will learn why it is more important than ever before to make sure your loved ones are protected with an appropriate amount of life insurance protection.
Tomorrow is Never Guaranteed
Few people are prepared to handle the thoughts and feelings that go into planning life for their loved ones in the event that they are no longer there to provide for them. But 2020 has taught us that death waits for no one. It can reach out and touch you at any age. These are just some of the events that have caused massive casualties this year:
- Australian bush fires (killing at least 33 people and destroying 46 million acres of land).
- COVID-19 pandemic (still going and affecting millions of people and causing nearly 749,000 deaths worldwide as of this writing).
- The American Cancer Society estimates there will be 1.8 million cancer cases diagnosed in 2020, with approximately 606,520 cancer deaths.
- There were 36,120 auto accident fatalities in 2019 and 2020 may have somewhat lower, but still devastating numbers.
The bottom line is that death can occur at any time and to people of any age. Cancer strikes people of all ages as do auto accidents, and can result in fatalities. Tomorrow is never guaranteed, and while life insurance won’t replace your loss, it can help your family weather the financial storms that follow.
Invalidating Your Life Insurance Misconceptions
For some people, a failure to purchase life insurance comes down to false reasoning. Some of the common arguments against life insurance are patently false and incredibly misleading. They include things like:
- Life insurance is too expensive
- I’m in the prime of my life, and I don’t need it
- I can always get life insurance later
- I don’t need life insurance now
The truth is that there are many different types of life insurance policies that are more affordable than you realize. Working with an independent agency can help you determine the right life insurance policy to meet your needs.
Many people believe they don’t need life insurance as young adults because they have a long time to go. But tomorrow isn’t guaranteed and “later” may never come leaving your family to deal with the burden of your loss with no financial safety net in place to help with things like:
- House payments
- Burial expenses
- Medical bills
- Children’s education
- Monthly utilities
That doesn’t even include all the extras you’d like to provide your family with over the years. How are they going to pay for these things if they are dealing with expenses from an illness or injury before your death on top of the loss of your income?
Finally, the argument that you’re too young is one that should make the decision to purchase life insurance even easier. Whole life policies and most term life policies offer discounts to people who are young and in good health, meaning you can get surprisingly inexpensive coverage.
Do You Need Life Insurance?
For most people, the answer is yes. If you have children (young or grown), a spouse, are caring for aging relatives, or financially support charitable causes that are important to you, then you need life insurance. It is also important that you take steps to protect your policy from cancellation so that you maintain peace of mind knowing that your loved ones are protected.
Otterstedt Insurance Agency understands that it’s not about policy. It’s about people.
You have your own goals and dreams for yourself and your family. But sometimes, things get in the way of your best-laid plans. Don’t allow your death to derail your family or leave important people and causes in your life financially adrift if you’re no longer there to support them.