The sluggish economy continues to put financial strain on many of us. So it just makes sense to examine our budgets and look for ways to trim the fat from our monthly expenses and put more into savings, if possible.
“That’s a great way to help stabilize your finances, but it’s also important that you have a financial safety net in place in case something was to happen to you,” says Harvey Senn, FIC LUTCF with Thrivent Financial for Lutherans in Sidney, MT. “Life insurance is one of the few guarantees your family could rely on to maintain their quality of life you were no long there to provide for them.”
There are 95 million adult Americans without life insurance, according to LIMRA, an insurance industry research group. “The fact is, the vast majority of Americans need life insurance and, sadly, most people either have none or not enough,” says Senn. “If someone depends on you financially, you need life insurance. It’s that simple.”
September is Life Insurance Awareness Month, making it to the perfect time to take stock of your life insurance needs. Senn offers three additional reasons why now is a great tie to look into getting life insurance.
You’ll never be younger than you are now. While that may sound obvious, youth is on your side when it comes to life insurance. It makes good financial sense to get coverage when you your and healthy, as premiums are based on your age and health. With some contracts, your premiums will be locked in at that rate over the life of the contract, and cant’ be raised due to a change in your health status.
It’s affordable, with rates near historic lows. People overestimate the cost of life insurance by nearly three ties, according to a recent study conducted by LIMRA and the LIFE Foundation, a nonprofit insurance education organization. In fact, life insurance rates remain near historic lows; the cost of basic life insurance has fallen by nearly 50 percent over the past decade.
Life happens. One day life is going along smoothly, the next; you’re thrown a curve ball. No one knows what the future holds. None of us expect to die prematurely, but the truth is roughly 600,000 people die each year in the prime of their lives. That’s why today is always a great day to take care of y our life insurance needs.
“Life Insurance Awareness Month is the Ideal tie for life insurance review,” says Senn. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they adeq2uate life insurance protection.”
According to Senn consumers can get a general sense of their life insurance needs by going to http://www.lifehappens.org/lifecalculator and using the online calculator offered by the LIFE Foundation. The next step, suggests Senn should be to contact a local insurance professional, who can conduct a more comprehensive needs analysis and help you find the right products to fit your specific needs and budget.
About Life Insurance Awareness Month
Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. The campaign was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. Roughly 95 million adult Americans have no life insurance, and most with coverage have less than most insurance experts recommend. For more information of life insurance, visit LIFE’s website at http://www.lifehappens.org.
Thrivent Financial is represented in the local area by Ron Gebhardt FIC at 1050 South Central Ave., Sidney, MT, 406-433-5287 and Harvey Senn FIC LUTCF at 1050 South Central Ave., Sidney, 406-433-6143.
About Thrivent Financial For Lutherans
Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.5 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial create4s and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com. Also, you can find us on Facebook and Twitter.
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