As of August 5th, 2020 COVID-19 has claimed 156,311 American lives. (1)
In a story that is far too common in 2020, a Las Vegas news station reported that a husband and father recently passed away from COVID-19. He was 42 years old and “the picture of good health.” (2)
“He was furloughed from his job so he didn’t have health or life insurance and now medical bills are mounting for his wife and her three young daughters.”
“Nobody ever anticipates that someone is going to pass at 42 years old so honestly when he was laid off, it never crossed my mind that oh my gosh we’re losing our life insurance,”
His wife said, “as an ER nurse, she never imagined COVID-19 would reach her home, especially her husband who didn’t have any underlying health conditions.”
She said, “It can happen to you.”
While 54% of Americans have some form of life insurance, a 2019 study found 27% have Group Life Insurance which is provided by employers. The challenge with Group Life Insurance is that it typically is not enough to meet a person’s needs and it typically is not portable. When a person loses their job or chooses to change jobs, they lose their coverage. (3)
This is a particularly dangerous situation to be in if a person does not have their own individually owned policy. Changes in a person’s health over time can jeopardize their ability to get new life insurance coverage. As a person ages, policies rise in cost… if one compares two insureds who have equivalent health, the younger person will typically cost less to insure. Planning early is a key strategy to manage mortality risk during your lifetime.
There are many reasons to carry life insurance…
Protection of your family.
To payoff large debts like mortgages or loans that can encumber your spouse and children.
To replace your income and ensure your family’s financial health.
To ensure your children go to college.
If you care about your family, there is no reason NOT to carry life insurance…
As the spouse above expressed, “It can happen to you.”
Do not leave the success of your family’s financial future to chance. Please reach out and take action. You can contact me at firstname.lastname@example.org .
Retirement Income. Tax Efficient Planning.
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This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice.
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 7101 Wisconsin Ave Suite 1200, Bethesda, MD 20814 301-907-9030 Securities products and advisory services offered through PAS, member FINRA, SIPC. CA insurance license #0I64535. First Financial Group is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
2020-106517 exp 8/22