health, life insurance, protection, risk management

How will your family survive?

My cousin died from a heart attack two years ago.

He was 48 years old. He left behind a wife and two teenage children. Their plans for the future were shattered and his family is left to pick up the pieces.

My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to help manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.

According to a recent study by LIMRA (1);

  • Among households with children under 18, 4 in 10 say they would suffer immediate financial trouble if a primary wage earner died today.
  • 25% would have trouble keeping up with basic living expenses after one month.
  • Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.
  • U.S. life insurance ownership has fallen 9 percentage points to 54%, according to the 2020 Insurance Barometer study. Researchers attribute the drop in ownership to a broad decline in employer-paid group life insurance benefits over the past 10 years. (3)
  • A year later, in January 2021, just 52% of consumers reported owning life insurance (e.g., individual, employer-sponsored, etc.), which is down from 63% in 2011. (4)
  • Women are less likely than men to own life insurance.
  • Approximately 14% of women — more than 18 million — lost their life insurance coverage in 2020, with more than third (36%) saying it was due to unplanned job loss.

To be clear over 37 million households have no life insurance… none… (2)

Another 33 million households do not have sufficient life insurance to count themselves as protected…

Ask yourself… “How will my family be affected if something happened? Will they end up homeless, destitute, starving, unable to attend college or get a decent job?”

This is a huge gap that must be addressed and reduced. Many people say that life insurance is too expensive, but the truth is as longevity increases life insurance rates decrease. Life insurance has never been more affordable than it is today.

The likelihood that we will eventually die is… 100%. The question is what impact our death will have on those around us. What impact will our death have on those who depend on us, like spouses, or children, or elderly parents?

What about the impact your death will have if you have a special needs child? It could be catastrophic.

In my experience, COVID has made most people more aware of their own mortality, and the urgent need for life insurance. It is also important to consider that employers may not provide the life insurance options that suit your needs.

Please reach out to me to learn how you and your family can be better protected.

If you want to discuss these issues or learn more, please feel free to contact me at james.cox@ffgadvisors.com .

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

To learn more contact:
James Cox
Cell: 267 323 6936
Email: james.cox@FFGadvisors.com
First Financial Group 150 South Warner Rd.  Suite 120 King of Prussia, PA 19406

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. The opinions expressed here are those of the author and not necessarily that of Guardian/Park Ave Securities. Links to other sites are provided for your convenience in locating related information and services. Guardian, its subsidiaries, agents, and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services, and make no representation as to the completeness, suitability, or quality thereof. 

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. 

2021-127271 exp 9/23

  1. https://www.bankerslife.com/insights/understanding-insurance/three-ways-life-insurance-can-help-your-family-financially/
  2. https://lifehappens.org/blog/2018-barometer-study/
  3. https://www.limra.com/en/newsroom/news-releases/2020/2020-insurance-barometer-study-reveals-a-significant-decline-in-life-insurance-ownership-over-the-past-decade/
  4. https://www.limra.com/siteassets/newsroom/liam/2021/facts-of-life-2021-format-vfinal2.pdf