Important Things To Know About Life Insurance
September is Life Insurance Awareness month. Most Americans who do have life insurance, are not carrying enough, life insurance. Then, there is the rest of Americans (about 40%) who have no life insurance whatsoever.
According to research, the two most common reasons why an individual does not carry life insurance is because they have competing financial priorities, or they think they can’t afford it.
This is why every September, our agency helps spread awareness and educate our clients on the facts and importance of life insurance.
Here are some interesting and important things to know about Life Insurance:
- The first ancient civilization to use life insurance was the Roman Empire. Burial clubs would go around and collect money from the poor to pay for their funerals.
- Every U.S. Citizen is eligible for guaranteed issued life insurance, regardless of age, sex or medical condition.
- Term life insurance can cost as little as the price of one cup of coffee, per week.
- You’re never too old or too young to buy life insurance. In fact, the younger you buy, the better off you will be.
- The goal of life insurance is to provide financial security for your family after you are gone.
- The term of a life insurance policy can be for as long as you decide.
- The beneficiary of a life insurance policy is the individual that relies on you for an income.
- Men are more likely to pay more for life insurance than women due to health conditions, dangerous hobbies, and lack of seeking medical attention.
- If you have a dependent relying on your life, you should have life insurance.
- Young professionals are the largest buyers of life insurance.
- The most common reason for retired individuals to buy life insurance is to pay for funeral costs.
- Business owners have the option to name their business as a beneficiary on their life insurance policy.
Our life insurance specialists at C.H. Edwards, Inc., recommend that individuals carry eight times their annual salary in life insurance. If you do not already have life insurance or you would like to review your current life insurance policy, contact our office at
(516) 249-5200 and we will be happy to assist you.
Don’t wait another day. Make an investment in your families future by purchasing life insurance today.
