February Kicks Off Insure Your Love Month
With love in the air next week, one way consumers are celebrating Valentine’s Day involves purchasing protection for their loved ones through the gift of life insurance. February also kicks off the annual Life Happens Insure Your Love campaign, which focuses on how life insurance provides living benefits in case an unforeseen life event happens.
According to Life Happens, 71% of Americans value the little things in life more than ever because of the last couple of years affected by the pandemic. It often takes a milestone or event – like the pandemic – to force us to talk about life insurance with our loved ones.
In fact, over half of Americans said this past year was the first time they spoke with a loved one about life insurance per Life Happens. Life insurance may be a topic that people are not comfortable with but talking openly about it and other financial topics can be more beneficial than many may think.
That’s why Annuity Alliance is focusing this week’s article on the value of life insurance, as like an annuity, this product can become a part of your retirement planning strategy. Today’s life insurance products have more flexibility and living benefits than older life insurance products including long-term care and accelerated benefit riders.
Life insurance provides consumers with an affordable option if they do not have the income to place into an annuity. Insurance carriers also have adjusted their products and processes including some life insurance products that do not require a medical exam, have accelerated underwriting, and can be customized to your lifestyle and retirement strategy.
One of the largest myths about life insurance involves the cost. A recent Insurance Barometer Study by Life Happens and LIMRA found more than half of consumers surveyed overestimate the cost of life insurance by 300% or more. Younger Americans are likely to overestimate the cost by as much as six times!
In comparison, some life insurance products can be cheaper than the cost of a daily cup of regular coffee. Life Happens shared an example where a healthy 30-year-old could get a $250,000 20-year term life policy for about $13/month. In comparison, you could skip a bottle of wine, a burger meal, or some other streaming service each month to protect your loved ones with life insurance.
If you would like to learn more about life insurance, please check out this Life Insurance 101 video from Life Happens. Most of Annuity Alliance’s insurance agents also could discuss some life insurance options with you if an annuity is not an options. Contact us through Annuity Alliance’s contact form if you have any questions.