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Life Insurance

Shane LJ

Posted by Shane Luebbers-Jones on 03/01/2022

Let me throw some numbers out here:

52% – According to the Life Insurance Marketing and Research Association (LIMRA), that is the
percentage of adults who currently have life insurance.

27% – This is the percentage of life insurance policy holders that only have coverage through a
group policy provided by their employer.

40% – The percentage of people who currently own life insurance that said they wished they
would have purchased it at a younger age.

Life insurance is a topic that is often avoided in conversation for a number of reasons.
First, most people don’t want to confront their own mortality. The reality is, however, that we will
all die at some point. Refusing to talk about it doesn’t prevent it from eventually happening.
Whether you are 19 or 91, every day lived is a day closer to death.

Another big reason people avoid talking about life insurance is that they just don’t think
that they need it in their current situation and/or at their current age. In recent conversations with
people regarding life insurance, I have often heard “Well, I’m not married and I don’t have kids,
so I don’t need that at this moment.” That couldn’t be further from the truth.

Question: Do you know when life insurance is the cheapest to buy?
Answer: Today. The younger you are when you purchase it, the more affordable it will be.

Recent mortality tables have shown that the average life expectancy is up an average of
11-13 years since 1910. Between advances in modern medicine and health and exercise being
more of a priority in the United States, people are living longer. As a result of that longer life
expectancy, life insurance rates have gone down and it is cheaper to purchase now than it has
been in the past.

Question: Do you know which is the best life insurance policy to have?
Answer: The one you have in force when you pass away.

The third most common reason I have found that people avoid discussing life insurance
is because they have some coverage through their place of employment and don’t believe that
they need more. What those same people don’t realize or understand is that, more often than
not, those life insurance policies are either lower in coverage than they actually need, more
expensive than they realize, or they are policies that are unable to be taken with them upon
leaving or retiring from the company.

All in all, my point in presenting these statistics and objections is to confront the fact that
everyone needs life insurance. Not every person needs the same type of policy and not every
person needs the same amount of coverage, but every person needs some sort of life insurance
policy. Think about the kind of legacy you want to leave your parents, spouse, children, siblings,
etc.; do you want them to be overwhelmed, upset, or annoyed at having to put together a
funeral service with their own money? Do you want your spouse to have to continue working
while grieving because they can’t afford to take time off? Do you want your children to feel well
taken care of and financially secure or bitter that you didn’t leave them anything to help
financially progress their life? These are questions to consider.

In 2017, my dad passed away from cancer. When I went up to help my stepmom deal
with the funeral arrangements and all of his belongings, I learned that he had a $200,000 life
insurance policy with myself and my stepmom as the beneficiaries. In the midst of grieving the
loss of my dad, I was able to thank him for the legacy that he left behind. As a result, my wife
and I were able to put a down payment on our house and I was also able to upgrade my vehicle,
which was a big need at the time. That money also allowed us to have a financial cushion for
me to take a risk and start down a new career path. All of these wonderful things were able to
happen because my dad made a conscious effort to pay a minimal monthly amount and make
sure we were provided for. My dad’s forethought allowed my wife and I to build a better future
for our family that wouldn’t have otherwise been possible.

As you continue forward in life, no matter your age or current situation, consider those
who will be affected by your passing; do you want to leave behind financial gain or financial
despair? Let life insurance help you start your legacy.

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