Life Insurance 101: Things You Need to Know

September 1st marks the beginning of Life Insurance Awareness Month (LIAM), which is a great time for individuals and families to evaluate their coverage and make changes or updates as needed. Here at Carroll Marshall Insurance, we encourage our clients to take a look at their policies annually and determine if their needs would still be met in the event of an unexpected loss based on any life changes that have taken place.

We also see lots of new clients come in on a regular basis, and over time, we’ve noticed some trends regarding insurance in general, but specifically about life insurance coverage.  So, what are some important facts to keep in mind about life insurance?

1. 8 in 10 americans (80% of the population) overestimate the cost of life insurance coverage and claim they “can’t afford it”.  In reality, the average cost of a life insurance policy comes in around $30 per month…as opposed to the average of $75 per month spent on takeout food per family in the US.
2. Stay-at-home parents often go without life insurance coverage, believing that only the primary breadwinner of the household needs to be protected.  Sadly, this is a huge misconception.  If the stay-at-home parent passes away, the breadwinner will still have a family to provide for, but will be left to cover funeral expenses, debts, and ongoing childcare, out of pocket.
3. 7 in 10 american households would feel the financial strain (and have a hard time meeting living expenses) within 6 months if the primary wage-earner died.  Add to that the cost of any medical debts accrued in the loss, and funeral and burial expenses, and it’s a recipe for disaster.
4. Many adults think life insurance is a “get it done” kind of purchase and that it doesn’t require ongoing thought.  However, a life insurance policy should be reviewed and revised periodically, since major changes like the birth of a child, the death of a spouse, having aging parents in the home, etc. can all change your current needs and daily expenses.
5. Life insurance purchases are portrayed as being difficult, long, and drawn-out processes. However, having an insurance advisor you can trust and knowing what your monthly budget for insurance coverage is means you can have a quote ready in very little time, and that means you are out the door and covered more quickly.

Carroll Marshall is proud to serve the greater Winter Haven area with the highest-quality insurance advising possible, while retaining a very personal connection with our clients.  We take each case and evaluate the needs of the client and their family, making sure we get them the coverage they need with a monthly premium they can manage.  If you live in the Polk County region, give us a call or stop by our Winter Haven office.

There is no better way to celebrate LIAM this year than by making sure you have the coverage you need!