Your Journey to Financial Security Begins With Just One Step
In uncertain times, you need to take the first step so, your loved ones can be secure.
At the start of 2020, nearly half of American consumers did not own life insurance. While a recent study found that over a third had planned to purchase life insurance this year, many found themselves without coverage at the height of the pandemic.1 It goes without saying that recent events have highlighted the need to protect against financial hardship.
Almost half of those surveyed stated that they would feel a financial impact within six months if the primary wage earner were to pass away. More than a quarter would feel it within one month.2 If your loved ones would be at risk of financial hardship in your absence, consider taking the first step.
Financial Security for Your Family
Life insurance can help provide peace of mind that your family will have some financial protection should something happen to you. Life insurance proceeds can be used not only for final expenses and an inheritance for your heirs, but can also help cover expenses like mortgage payments, care of loved ones, and basic needs like childcare and transportation. Ultimately, it could allow your loved ones to maintain their current standard of living without worrying about your lost income.
Take the First Step
Start planning sooner rather than later. Survey results show that 40% of people who own life insurance wish they had purchased policies at a younger age.3 Purchasing while you’re young and healthy can help you secure affordable rates.
The good news is that people are, indeed, buying younger. In the last decade, life insurance ownership rose by 36% for those under age 25.4 However, people of all ages still overestimate the cost of coverage. Half of Millennials believe the estimated annual cost for a $250,000 level-term life insurance policy for a healthy 30-year-old is $1,000 or more, when in actuality, it’s closer to $160 per year.5
Don’t delay. The Alumni Insurance Program offers lots of options – for all stages of life – so even if you’ve waited to purchase coverage, you can still get the protection you need.
1,2,3,4,5 2020 Insurance Barometer Study, Life Happens and LIMRA.