We hear the word, “prepare,” in some form, quite often from clients.
“I wish I had better prepared.”
“Can you tell me how I can prepare for the future?”
… and so on.
It is not uncommon when something as catastrophic as a pandemic leaves the world thinking more and more about some basic necessities of life that are sometimes overlooked – and wishing they had prepared. COVID-19 has heightened our awareness in many ways. Many can lay claim to knowing someone who contracted the virus, whether a family member, friend, co-worker, etc. Maybe it was even our own first-hand experience!
It has turned the focus of many toward life insurance.
It is such an important piece in life, which also happens to be one of the services at Savage that is seeing an exponentially increased awareness.
There are those who think they are covered sufficiently through their life insurance policy at work. The reality is that may not always be enough.
In a study published in 2020 by LIMRA (an organization that helps 600+ insurance/financial services companies across 73 companies increase marketing effectiveness), and Life Happens (nonprofit providing information to consumers to help make smart insurance choices) held a study just last year. Some fascinating statistics:
- Nearly a quarter of American households do not have coverage, and another 30 million do not have enough. (That’s roughly half of all households!)
- The average coverage gap between what people have, and what they need, is about $200,000.
- About 44 percent of households said they would face financial hardship within six months if the primary wage earner were to die prematurely. For 28 percent of households, financial hardship would hit within one month.
- More than half say they haven’t purchased life insurance because they don’t know how much they need or what type to buy.
- Six in 10 Americans say they have a heightened awareness of the importance of life insurance due to COVID-19.
While these are alarming statistics, there is good news. Almost 30 percent of adults are more likely to buy life insurance over the next year. Are you one of them?
It’s more inexpensive than people realize, and to make life easier, we even accept e-signatures to ease the process.
If you already work with a financial professional at Savage, reach out to them for their insight. If not, and you would like to speak with someone about life insurance, contact Kevin Baumeier, CLU®, manager of risk services, at 419-725-7243, or [email protected].
Kevin Baumeier is not registered with Royal Alliance Associates, Inc.