According to the 2013 LIMRA life insurance study, 85% of people say they need life insurance, but only 44% of people actually have it. This gap indicates that people understand the benefit of having life insurance, but many tend to put off actually buying it. According to the study, there are a number of reasons for this:
In its most basic form, life insurance is designed to pay a beneficiary a certain amount of money (the death benefit) following the death of the insured. In other words, life insurance protects the family from loss of income due to an individual’s death. For example, if a father unexpectedly passes away, the life insurance proceeds will be paid to the family, allowing them to continue to rely on his income, even after his passing.
This will allow the family to do things such as:
Life insurance can serve other purposes as well:
While the financial impact of these can be measured, we understand the emotional impact is priceless. And while no one likes thinking about death, it may be time to set some time aside to plan for the unexpected, and to guarantee your family will maintain the same quality of life no matter what happens. Contact us to learn more and have peace of mind!
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