It’s a simple question most people ask of themselves at least once; do I need life insurance? The answer is simple, if you have any financial obligations to yourself or to others that can be disrupted or endangered by your falling victim to a heart attack, stroke or any critical or chronic illness as well as premature death, the answer is yes.
Wait a minute. Did you read that right? What do living through critical or chronic illness have to do with life insurance? I’ll answer that in a moment. First, let’s talk about the biggest problem of all; fear and misconceptions. I warn you though, this article is straight forward and does not pull punches. If you want a feel good story, don’t read further. If you want a dose of reality, read on.
In a 2015 survey of 2,010 adults in the United States, Northwest Mutual found some interesting and disturbing facts about the public and life insurance. First, good or bad, only 51% of adults in the U.S. own life insurance. It’s good that more than half do, but disturbing that 49% don’t. Of those that do not own life insurance, they found that 43% believe that life insurance is too expensive and 31% simply put it off as a low priority.
Let’s address false impressions of life insurance first. We mentioned that 43% of those who do not own life insurance thought it was too expensive. Digging deeper we found that eight out of ten of those individuals overestimated the cost of insurance by an average of ten times. That means that the insurance they thought would cost $1,000 actually only cost $100! It also means that because of their misconception they didn’t even shop or talk to a professional.
Before we go one, let’s chew on this a moment. What we find with this survey is that due to a grow misconception of the price of life insurance, people are not even talking to a professional and shopping coverage. They are putting their family at risk. Risk of losing their home, losing funds for a college education, losing their quality of life. All of that at risk because of a false belief that life insurance is too expensive.
Moving on….what do we say to the 31% that believe life insurance is a low priority? Lower than what? People own life insurance because of the people they love. Look around you. Do you have a spouse that will struggle if you are there? What about children and their hope for the future? Is making certain they don’t start their life in the poorhouse or flipping burgers instead of going to college a priority?
Ask yourself again; do I need life insurance? Then look around. Do you love your family and want them to have the best opportunity to make due if you can’t help them?
Life Insurance Is For The People You Love
It really is that simple. Is life insurance too expensive for you? Probably not. There are many forms of life insurance, most amazingly inexpensive and fit within a tight budget. Don’t believe me? Well, call an insurance agent, any insurance agent and get a price.
Or, take a look at some real life stories of real people. There is a wonderful website called www.lifehappens.org that has real examples of families that needed life insurance. In some cases they had insurance, in some not. If you do not have life insurance, then at least have the courage to watch what will happen when you are gone. Here are a few videos:
What Can Life Insurance Do For Me?
We all know that life insurance provides a benefit to the surviving family when the insured dies. Did you know that it can also provide cash to pay your bills if you fall critically or chronically ill and live? Did you know that most bankruptcy’s and foreclosures in the U.S. are not due to someone passing away unexpectedly, they are due to the financial consequences of cancer, a heart attack, stroke or chronic illness. We are talking about the financial consequences that health insurance does not cover. The lost work, the home healthcare, the extra support a spouse needs to give. In fact, more than 62% of foreclosures are due to these medical bankruptcies. That is what makes term living benefit life insurance ideal as mortgage protection insurance.
What Is Living Benefit Life Insurance?
There is a new type of life insurance that covers critical and chronic illness. It cost no more than the old type of life insurance. In fact, you do not pay for the new features at all, unless and until you need them. Even then, the cost is so minimal to be a non-issue. This new type of life insurance is called Living Benefit Life Insurance. Living benefit life insurance can be term insurance or cash value insurance. It can be mortgage protection insurance or permanent isnurance, it’s up to you.
Not all living benefit life insurance policies are the same, so BEWARE. Some companies that do not offer these new features are calling their polices living benefit, but they refer to a cash value build up, or the fact that you can access some of the death benefit if you are terminally ill and have less than 12 months to live. That’s not what we are writing about.
To make certain you have real living benefit life insurance, look for a rider on your policy titled; Accelerated Death Benefit. If you have such a rider, read it. Does it give provisions for critical or chronic illness? Or is it just terminal illness. If it does not specifically say critical or chronic illness and list events like a heart attack, cancer or stroke, then you do not have living benefit life insurance.
And yes, there is such a thing as Term Life Insurance that is also living benefit life insurance.
Call us or use the form below. We can provide you a quote and find a policy that fits both your needs and your budget. That’s what we do!
Shield Insurance Solutions is an independent insurance broker. Our goal is to find the best insurance company, price and policy for you. We specialize in living benefit life insurance and Medicare Supplement insurance. We work with nearly 100 different insurance companies in order to find the right policy at the right price and value for you. We are transparent so you can make the most informed decision and have been in the financial services industry since 1984. Our life products include Medicare Supplement insurance / Medigap insurance, Whole Life, Universal Life and Term Insurance (all living benefit life insurance), mortgage protection insurance and final expense insurance. We are based in Jupiter and Palm Beach Florida, the treasure coast and licensed in almost every state including Virginia, Maryland, Oklahoma, Indiana, Pennsylvania, Alabama, Florida, California, Illinois and expanding. If you are shopping for a life insurance quote, we can show you what many of the top insurance companies will offer. The price differences will amaze you. Visit www.ShieldInsuranceSolutions.com to get a free life insurance quote comparison, or call us at (800) 847-9680