{"id":3837,"date":"2019-09-26T12:21:57","date_gmt":"2019-09-26T12:21:57","guid":{"rendered":"https:\/\/clients.firstfinancialsecurity.com\/FFSBB\/?p=3837"},"modified":"2022-01-28T14:57:52","modified_gmt":"2022-01-28T14:57:52","slug":"why-life-insurance-awareness-month-is-important-for-you","status":"publish","type":"post","link":"https:\/\/agents.firstfinancialsecurity.com\/FFSBB\/2019\/09\/26\/why-life-insurance-awareness-month-is-important-for-you\/","title":{"rendered":"Why Life Insurance Awareness Month is Important for You"},"content":{"rendered":"

Life insurance is less expensive\u2014and more necessary\u2014than you may realize.<\/h4>\n

Our brains are not well-equipped to picture just how much our circumstances are going to change over time. As a result, we tend to underestimate risk and take our current lifestyle for granted. Change, however, is inevitable, and the sooner we plan for the future, the better it will be when it finally arrives. Life insurance is an important part of this plan\u2014it gives us the peace of mind in knowing that our loved ones will be secure after we\u2019re gone.<\/p>\n

Sadly, almost half of us are living without it. According to Life Happens<\/a>, only 57% of Americans in 2019 own life, meaning four out of every ten households would struggle to pay living expenses at the loss of a family member.<\/p>\n

Most of this is due to a lack of awareness. When quizzed, Life Happens<\/a> found that only 46% of people knew enough about life insurance to pass. People also largely overestimated the annual cost of a policy; most people guessed around three times more than the average annual.<\/p>\n

This lack of knowledge is understandable\u2014life insurance is not exactly enthusiastically discussed at every dinner table in America. That\u2019s why Life Insurance Awareness Month was established: to help you get the information you need about life insurance that you rarely meet in your daily life.<\/p>\n

What is life insurance?<\/h4>\n

\"\"<\/a>Life insurance comes in many shapes and sizes, from term policies meant to get you through your highest-earning income years to whole life policies that last throughout your lifetime.<\/p>\n

With a life insurance policy, your family will be insured with what is called a death benefit, a lump sum that is paid upon your passing to help them get through the expenses of the coming years.<\/p>\n

In addition to the death benefit, certain policies come with extra features such as the ability to accumulate cash value over time or living benefits to cover medical costs while you\u2019re still alive.<\/p>\n

The type of policy needed varies per person, but this outline will help you know what to look for.<\/p>\n

Do I need life insurance?<\/h4>\n

\"\"<\/a>It\u2019s never too late to get a handle on your financial future, and it\u2019s never too early to get yourself covered. The best time to start is always now. No matter where you are in life, there\u2019s a policy that will meet your needs.<\/p>\n

If you have a family, your insurance needs are direct: you want to make sure they have money after you\u2019re gone. Your life insurance will cover their immediate, ongoing, and future expenses.<\/p>\n

If you\u2019re single, you won\u2019t need life insurance right away, but that doesn\u2019t mean you should wait. You\u2019re currently at peak insurability, which means you\u2019ll have the lowest rates. If you start saving now, you\u2019ll already have coverage for when you do start a family.<\/p>\n

When should I get life insurance?<\/h4>\n

\"\"<\/a>If you aren\u2019t covered already, here are some life events and stages where you\u2019ll want to consider getting life insurance:<\/p>\n