Tuesday, September 2, 2014

Life Insurance Month- the Benefits and the Misconceptions

September is Life Insurance Awareness Month

Do you know the facts on why it is important to have life insurance?
No one wants to think about what would happen if he or she lost a loved one- especially in terms of financial stability after he or she passes away. Unfortunately this is a very real concern for every family. Tragedy and loss place a great strain on everyone close to the individual. 
Life insurance, however, does some pretty amazing things for people. It can provide for the family of a lost one for its daily needs, and even pre-fund a child's education (About-LifeHappens.org). Even with all the great things life insurance can provide, many still have misconceptions about life insurance restricting them from learning more. 
Here are a few common misconceptions regarding life insurance:

1. The largest age group of people 
with life insurance 
are those with families, 
and/or above the age of 50.

FALSE: Generation Y, or those born between the early 1980s and the early 2000s are the largest group of people purchasing life insurance. 

2. Life Insurance is TOO expensive.

THE FACTS: 63% of people believe life insurance is too expensive, therefore justifying why they are opting out. Studies show, however, consumers overestimate the cost of life insurance by nearly three-fold (LIMRA page 1).

3. People who opt out of life insurance believe they know everything there is to know regarding life insurance.

FALSE: "There is a lot to learn- less than one quarter of middle-market customers are comfortable with their level of financial knowledge. More than three-quarters believe they would benefit from the close guidance of financial-services professionals," (LIMRA-Facts from LIMRA page 1). 

Don't fall for the infamous 
life insurance misconceptions...

If you’re one of the tens of millions of Americans who is underinsured, we urge you to get the protection you need, today. Contact the Solidarity Health Network today for more information.

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