Five times as many people think James Bond is more in need of life insurance than the likes of Homer Simpson or Modern Family’s Phil Dunphy, two heads of households whose families would be hit hard financially without life insurance. These are the findings from a new survey that we did at Life Happens, and the reason for the misleading and erroneous headline to this article!
We were trying to get at the heart of why people who truly need life insurance, like those who financially support a family or loved ones, are not getting coverage, or enough of it. By asking a tongue-in-cheek question, we thought we’d have a bit of fun (yes, with life insurance!) In the process, we uncovered a huge knowledge gap: People are much more likely to equate the need for life insurance with dangerous professions and risky lifestyle than with the plain-vanilla reason of needing it to replace an income for family, if they were to die prematurely.
That’s where we as agents and advisors come in. We need to get a simple, straightforward message out to prospects and clients:
If you love someone, someone loves you, or you owe someone money, you need life insurance. Whether you are married, single, retired or a stay-at-home parent, life insurance can provide essential assistance to your loved ones when you are no longer able to provide for them.
Here’s what we need to be saying to—and asking—our clients:
Those who are married: Many people mistakenly believe that they don’t need to think about life insurance until they have children. Not true. You’ll want to ensure that your spouse could manage the mortgage or rent, ongoing bills and debt if something were to happen to you. Plus, if you’re planning to have children, you’ll want to buy life insurance now instead of waiting until pregnancy—some companies won’t issue policies to pregnant women.
Those who are married with children: If you died suddenly, could your family continue to meet all their financial obligations—from paying rent or the mortgage to daily living expenses? Could your family continue their standard of living on your spouse’s income alone? Would their plans for the future—like college stay intact? Life insurance makes sure that your plans for the future don’t die when you do.
Those who are stay-at-home parents: Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, transportation and managing a household are all important tasks, the replacement value of which is often severely underestimated. With life insurance, your family could afford to make the choice that best preserves their quality of life.
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