According to Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures and a great resource for information, September is Life Insurance Awareness Month. It’s nice to raise awareness for the most important product mankind ever invented, but the fact is, if we are only thinking about life insurance one month out of every year, we’re in trouble.
I find the best way to explain the value and importance of life insurance is through simple questions, simple answers, and undeniable facts.
For example, you’re going to die WITH life insurance or WITHOUT life insurance; that’s a FACT. It’s up to you to decide in which category you’ll end up. And for those who die with it, there’s never any regret. We receive hundreds of death claims each year, and I’ve never heard someone say, “Byron, my husband bought way too much life insurance; what am I going to do with all this money?”
Are you starting to understand just how important this stuff is? Let these questions help you:
Q: What are the odds of dying?
A: 1 out of 1 (that’s 100%). Yes, it’s sort of a trick question, but before you dismiss it as a sarcastic statistic, know this: the odds of your house burning down are 1 out of 1,200—and almost everyone has homeowner’s insurance!
Q: When you die, how long do you plan to be dead?
A: Forever. Yes, it’s another trick question, but it’s a simple one with only one correct answer. I realize no one gets excited about life insurance, paying premiums, and coming to grips with the fact that you’re going to die. But that day will come. And when it does, will your family have enough money to pay for your funeral, monthly rent or mortgage, food, tuition, clothes, medical expenses, car payments, utilities …?
My friend Ric Edelman had me on his nationally syndicated radio show a couple weeks ago for Life Insurance Awareness Month. Listen to me talk about life insurance and long term care insurance (I’m on for about the first half hour) here. Ric heads up Edelman Financial Services, which is a partner of AccuQuote. I love going on Ric’s show—he’s great and a forum like that only helps get the word out about life insurance—but let’s not for a second think that we should be paying attention to life insurance more during September versus other months.