There are so many different types of insurance that some types of insurance, like life insurance, can seem like an unnecessary expense. Many people mistakenly think that this kind of insurance isn’t needed because they are young or healthy. In fact, it’s estimated that around 95 million adults in the U.S. do not have such insurance.
However, such insurance can be an important safety net for your loved ones in the event of your death. To help spread awareness about the importance of having insurance on your life, September has been designated as Life Insurance Awareness Month.
Why is Life Insurance so Important?
Most people mistakenly believe that such insurance is only needed if you are the primary breadwinner in your family. However, a life policy can be an important safety net for your loved ones regardless of your job or financial situation.
A life policy can help your loved ones cover funeral costs, outstanding debts, and day-to-day living expenses if you die unexpectedly. Not to mention, such insurance can give your loved ones peace of mind knowing that they will be financially taken care of if something happens to you.
To give you an idea of just how important a life policy can be, here are a few statistics:
- Even before the COVID-19 pandemic, 1 in 3 families would have faced financial challenges within as little as a month if the primary earner in their family passed away.
- It’s estimated that around 40 percent of all adults in the U.S. have no insurance on their life.
- Even though 60 percent of adults have such insurance, only 35 percent have an individual life policy. A significant amount of people who have it have it through their employer.
Get Life Insurance Today
Even if you’re young and healthy, it’s important to consider getting life insurance to ensure that your family is financially protected if anything happens to you. For more health insurance information or advice, visit us at The Benefits Store today.