Mark Skousen recently told a story in his monthly newsletter, “Forecasts & Strategies, that I think best illustrates crisis that his happening in this country when it comes to life insurance. It went like this:
“Last summer a personal tragedy occurred in my home town. A much-beloved religious leader died of cancer, leaving a widow and eight children. He was only 46 years old. In some ways, he reminded me of my own father, who died of cancer at the same age. He left my mother with ten children. I was only 16 when he passed away.”
Financially, there was one big difference between my father and this church leader. My father had purchased a large life insurance policy prior to his unexpected bout with cancer; this minister did not. He only had a small policy that covered his burial expenses and little else. Because of my father’s foresight in buying a large life insurance policy, my mother was able to stay at home, raise ten children and give us a decent education. Most of us went to college. We didn’t grow up living on easy street, but we were given a fair chance to succeed.
With no savings and no insurance proceeds, the minister’s family is struggling to survive. His widow, who didn’t finish college, is looking for work. With small children still at home, it won’t be easy. She doesn’t have the funds right now to return to school. A family fund has been established, and church members are contributing to it, but so far the basic goal has not been met.
Why did this man of God fail to take out adequate life insurance coverage? It’s an interesting question because, as a church leader, he constantly preached to his congregation the importance of ‘provident living’ and being prepared for emergencies. His work did not provide much of an income, so he probably thought he couldn’t afford an insurance policy when he was struggling to put food on the table.
The amazing thing in all of this is that, with a little foresight, this man could have bought a $500,000 term policy that costs less than a dollar per day.”
Too many people are in exactly the same or a similar situation as this minister. Over 61% of American adults have no life insurance. And of those who do, most do not carry enough to adequately cover the financial obligations they leave behind.
Consider these statistics 1:
Most people who have life insurance don’t have enough.
It is likely that there are a number of reasons you have put off buying life insurance. You may think you can’t afford it. This simply isn’t true and you can see for yourself by running an instant quote with our free term quoter. Perhaps you are confused about your options. That’s understandable, since there are over 2,000 insurance companies – each with a myriad of products – competing for your money. The fact that you are visiting our website is a sign that you are headed in the right direction.
At Estate Planning Specialists, we have decades of experience in assisting Americans protect their families with life insurance. Over the years we have honed our processes to make buying life insurance as easy as possible, yet ensuring our clients receive the best most cost-effective plan for their particular situation.
1 Facts from LIMRA International for Life Insurance Awareness Month (LIAM) – August 2004 – Special Edition