health, life insurance, protection, risk management

A few life lessons…

In the past few months, I have seen several friends pass away…

I have seen several people in my circle struggle with illness and disability…

All are under the age of 50. None of them planned on what happened to them.

None of them planned on the impact it would have on those around them.
Life is not a straight line.
We all are forced to deal with situations that are beyond our control.

Sometimes we are forced to deal with abusive and alcoholic parents when we are young.
Sometimes we are traumatized by sexual or physical violence.
Sometimes we are injured by an accident, or illness.

Many times, we self-medicate to hide the pain, trying to make it through another day…
Sometimes, we find ourselves prescribed pain meds that lead to a nightmare of addiction and devastation.

Add to this list of challenges, generational events like COVID-19, that cost millions of lives and continues to affect millions more. In the past few years, people are becoming increasingly aware of their own mortality…

“Younger generations experienced a life-altering event just as they were starting their careers, getting married and having children,” said Alison Salka, Ph.D., senior vice president, head of LIMRA research. “The realization of how precarious life can be may have made them more aware of the need to protect their loved ones.” (1)

The LIMRA study also “found that less than half (41%) of single mothers say they have life insurance, 11 points below the general population rate. Because single mothers are often the sole source of financial support for their children, and typically have a heightened sense of financial concern (sometimes nearly twice as much as the general population), it is not surprising that their need for life insurance is higher. Fifty-nine percent of single mothers say they need life insurance coverage or more of it.”

The loss of a primary wage earner in a family can be devastating… The study found that “if a primary wage earner were to pass away, owning life insurance makes a significant difference: 71% percent of insured parents would feel financially secure versus 48% of uninsured parents, a 23-point difference.”

Clearly this is a large societal issue. We all have responsibility to ourselves and our loved ones.

The fact is most Americans are unprepared for economic or financial disruption. (2)

*37 million households lack any life insurance…
*50 million households know they need more life insurance…
*7 in 10 households would be in financial trouble if they lost their main bread winner…
*69% of those working in the private sector have no disability insurance…
*1 in 4 people will become disabled BEFORE retirement…
*68% of Americans live paycheck to paycheck…
*How many are working multiple part time jobs to fill the gap from a lost full time career?

The economy is changing and we have to adapt to new conditions. We have to put in place protections for ourselves and our families… we can’t rely on the government or anyone else to provide for us or the ones we love.

Having Life Insurance in place contributes to financial security. “Life insurance is a key element in feeling financially secure. Among insureds with financial dependents, 68 percent feel secure, compared with 47 percent of non-insureds. Consumers with overlapping sources of coverage have the highest likelihood of feeling secure.” (4)

Talk to a financial advisor like myself. Explore options. But above all take action and protect yourself and those you care about.

Please feel free to contact me to learn more at james.cox@glic.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@glic.com

PAS 150 South Warner Rd.  Suite 120 King of Prussia, PA 19406

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Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 150 S. Warner Road, Suite 120, King of Prussia, PA 19406 (610)293-8300.  Securities products and advisory services offered through PAS, member FINRA, SIPC.  PAS is a wholly owned subsidiary of Guardian.

2023-163012 exp 10/25