- Benjamin F. Edwards | Financial Advisors - https://www.benjaminfedwards.com -

Some Common Misconceptions About Life Insurance

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

September is Life Insurance Awareness Month which is a month-long public awareness campaign sponsored by the nonprofit organization Life Happens.

According to the Life Insurance and Marketing Research Association (LIMRA), 42% of Americans say their household would face financial hardship within six months should a wage earner die unexpectantly and 25% would struggle financially within a month.* The same study indicates there are over 102 million uninsured and underinsured Americans. Why aren’t people addressing their life insurance needs? It’s possible people are reluctant to purchase life insurance due to some common misconceptions listed below:

40-Year-Old Preferred Non-Smoker/$1,000,000 Death Benefit

Term Period Male Female
10-Year $440 $384
15-Year $560 $470
20-Year $750 $610
30-Year $1312 $1028

 

Note: Premiums are estimates from Protective Life Insurance Company.  Rates will vary by carrier and underwriting.  All products are not available in all states.

One thing to remember is that life insurance isn’t for the people who die, it’s for the people who live. Don’t let your family suffer financially should the unexpected happen. Your financial advisor can review your situation and current insurance policies to ensure you have the proper amount and type of insurance to protect your family or business should your income be halted due to an unforeseen death.

 *LIMRA Facts About Life 2021

** LIMRA Life Insurance Barometer Study 2021