Life Insurance should (still) be a priority.
Royal Neighbors of America
Insuring Lives • Supporting Women • Serving Communities℠
Contributed by Director, Product Strategy Juliet Christenson who is an employee and Member of Royal Neighbors of America.
The current economic climate has forced many Americans to make difficult decisions regarding their bills and expenses. Each household is experiencing a unique impact of inflation based on their personal finances. In addition to the economic turbulence, research has shown many people have experienced a shift in our mindsets and priorities since early 2020.¹
Economics and priorities are changing.
With questions swirling in our minds about our values and budgets, we’re all strongly considering what is most important to us. Many of us would say our highest priority is our family. According to LifeHappens.Org℠ ², life insurance should be a priority because it “ensure[s] your family’s financial security and peace of mind.”
Is life insurance worth it?
Your life insurance policy provides a financial safety net for your loved ones who rely on your income because they can use your life insurance death benefits towards nearly any expense. Some common examples are:
- End-of-life costs like a funeral or unpaid medical bills
- Mortgage or rent payments
- Everyday living expenses like groceries, gasoline, utility bills, and car insurance
- Childcare or school tuition
- Paying off outstanding debt such as student loans and credit cards
- Care for aging or ill parents
If you’re still questioning the cost of life insurance, consider this:
- Life insurance gets more expensive the older you are, so it’s a great idea to lock in rates early.
- If you are without certain health conditions now, it will help you secure a lower rate. If you wait, a health issue or accident could occur making it more expensive later.
Here’s the bottom line.
At Royal Neighbors, we know your family is the most valued part of your life. Life insurance will help you protect them in the future, making your policy incredibly important, especially when times are tough.
Life Happens.℠ is a nonprofit dedicated to giving you unbiased information to help you make smart insurance choices to protect your loved ones. According to LifeHappens.Org, “Life insurance provides for your loved ones and empowers their dreams.” Watch this video to learn more.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any investment decision without first consulting his or her own financial advisor and conducting their research and due diligence.
2. https://lifehappens.org/life-insurance-101/
LI2022-093 Rev. 6-2022
ChFC, Chartered Financial Consultant & Manager of Ohnward Wealth and Retirement (OhnwardWealth.com)
2yPOWERFUL information. Keep sharing MORE :)
Licensed Insurance Agent
2yWhat do you think about this article? I know some people have to make those choices, but insurance is a need. If not, families would have to do "go fund me", borrow, chicken dinners, etc. to bury their loved one. Even if it's a small policy to cover burial or final expense, we all should have one for the entire family. The children policy should be a whole life or IUL to grow cash value. The average cost of a funeral is over $10K. Let me know if you want more information on these products.