Own your journey


Life Insurance Awareness Month comes around once per year, but life insurance education is important year-round. 

Every September, Life Happens, a non-profit dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, organizes an annual campaign to help educate people on the importance of life insurance. Because let’s face it, not everyone understands what life insurance really does and why they actually need it. What it all boils down to: life insurance is one of the keys toward financial health and well-being.

This year, we want to help you own your financial fitness journey. And since life insurance is the name of our game, that’s where we’ll start.
First, let’s look at the stats (according to the 2018 Insurance Barometer Study by Life Happens and LIMRA):
  • One in five individuals who own life insurance say they don’t have enough coverage
  • Forty-one percent of individuals say they don’t even have life insurance
  • The top two reasons for not purchasing are:
    • It’s too expensive (63 percent)
    • Other financial priorities (61 percent)

With these statistics come misconceptions. Ready to clear them up?

For those of you out there who aren’t ready to purchase a life insurance policy…
...“It’s just too expensive.” According to the same Insurance Barometer Study referenced above, consumers tend to overestimate the cost of life insurance by nearly three times the actual amount. The truth is affordable coverage does exists. No matter the stage of your financial fitness journey, there is a term life insurance policy that can meet your specific needs and those your family, to help ensure your loved ones aren’t left in a bind should something happen to you.

…“I just don’t have time for all those cumbersome forms and applications.” As the insurance industry evolves, insurers are developing new, digitally powered solutions to  make it a lot easier for you to obtain a policy quote and ultimately, sign up for the right policy to fit your and your family’s needs. The digital transformation is here and insurers are riding the wave! 

Now, if you’re among the one in five who says they don’t have enough coverage...

...Have you ever heard of laddering life insurance coverage? Well, it’s one way for you to be in control of your life insurance coverage, getting the right amount of protection for your specific stage in life. We call it a “Term Rider.”
A Term Rider is a cost-effective solution that defends against being under (and over!) insured. Term Riders act as additional insurance, providing temporary coverage for a shorter period than a base policy. And, they can be adjusted as your financial responsibilities change. Here’s a hypothetical example:

Sam and Kelly, a middle-aged couple with a recent high school grad, just purchased a new home in their favorite neighborhood. With their son heading to college, it was time to downsize. Sam and Kelly decided to use this time of transition as an opportunity to revisit their financial situation. They wanted to ensure all ducks were in a row, including having the right amount of life insurance for their current life stage. Their existing 20-year policy is nearing the end of its term. With a new 30-year mortgage and upcoming college tuition payments, the couple decided to purchase a 30-year base policy to cover the mortgage payoff, as well as a 10-year rider to protect their son’s educational future.

You see, just as in this example, Term Riders offer a flexible option to help ensure your financial future is set as well as that of your family. Using a Term Rider means having the right coverage at every step during your financial fitness journey.
With a bit of education and the right partner, you can ensure your family’s future is in good shape. Are you ready to take the first step toward owning your financial fitness journey?