POP QUIZ: How much does a 20-year, $250,000 policy cost a healthy, non-smoking 30-year-old man each month?
A) Less than $50
Today is the start of Life Insurance Awareness Month! Which is pretty important because, let’s face it: life insurance is boring. For most people, life insurance is an afterthought, something that’s only worth caring about after everything else is covered, if that.
But what’s the cost of being ignorant about life insurance? First, consider the fact that 63% of Americans say they can’t handle a surprise $500 bill. Median household incomes have steadily decreased, and many families require multiple earners to stay afloat.
Maybe this sounds familiar to you. After all, this is the situation of the majority of Americans. When a family loses a provider, they’re confronted with many financial challenges. Aside from the loss of income, they now have to think about funeral expenses and how they will get through their grief. It’s not uncommon for people to take time off work because a loved one has passed away, further affecting the household finances.
So, for just one month, we ask you to start thinking about life insurance. Not so that we can push some kind of product onto you, but for the well-being of you and your loved ones. Don’t let the well-being of your family be an afterthought. Because the cost of ignorance is simply too high. (And knowledge is free.)
By the way, the answer to the pop quiz is A) Less than $50. It only costs him about $13/month. Seriously. You can check for yourself by getting a term life quote with our online calculator (Note: SagicorNow online purchase only available in Florida, Texas and Arizona).
Learned something new? Join us next week for more with Part 2: The Basics of Life Insurance.