Posted on September 15, 2022
By: Mae Yang
Life insurance is a vital component in creating generational wealth, and it is just as important today as it has ever been. However, many people, particularly young people, are hesitant to purchase a policy due to misconceptions surrounding life insurance affordability and eligibility.
LIMRA's annual Life Happens study revealed that in 2022, 44% of families would face financial hardship within six months if a wage earner died unexpectedly. The right policy could protect these families from such hardship, and the industry needs to spread more awareness if financial security is to become a reality for everyone.
First Financial Security, Inc. participates in Life Insurance Awareness Month every September, aiming to promote the importance of life insurance to the public. This year's theme is "Myths About Life Insurance," focusing on dispelling common misconceptions that prevent people from seeking coverage.
Below are some common myths about life insurance, which are worth dispelling:
"Myths About Life Insurance"
When it comes to life insurance, many people believe that it is only useful after they have passed away. However, this couldn't be further from the truth. With advances in insurance products, there are now living benefits that can be utilized while you are still alive.
From covering housing needs to medical bills, living benefits can provide the necessary financial assistance to make life more comfortable during difficult times. Unfortunately, the misconception that life insurance is only useful after death still persists. Nevertheless, there is hope as more and more people are recognizing the importance of having adequate coverage.
In response to this growing need, insurance companies are expanding their offerings to provide innovative and comprehensive policies that cater to individual needs. But it's not just up to the insurers to dispel myths about life insurance. As individuals, it's our responsibility to educate ourselves and our loved ones about the benefits of life insurance.
While conversations about death and financial planning may be challenging, they are necessary to secure the future of our loved ones. With September being Life Insurance Awareness Month, there is no better time to explore your options and find the perfect policy to safeguard your legacy.
In conclusion, life insurance isn't just a tool to provide financial security after you have passed away. There are now living benefits that can be utilized while you are still alive, making it an essential component of a well-rounded financial plan. Don't let myths about life insurance hold you back from protecting yourself and your loved ones. Start the conversation today and find a policy that works for you.
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Please note that MEG Financial Wellness, LLC is not a tax, legal, or investment agency, and we do not offer legal, tax, or other professional advice. For clients seeking professional advice, we recommend consulting with a qualified professional advisor.
Please be aware that we do not offer every plan available in your area. The information we provide is limited to the plans we do offer in your area. For information on all available options, we recommend contacting Medicare.gov or calling 1-800-MEDICARE.