Know Your Facts: Life Insurance Information Everyone Needs

At Carroll Marshall Insurance, we many new clients come into our office on a regular basis, and over time, we’ve noticed some trends regarding life insurance coverage and how it’s perceived among the general public. Having an improper understanding of life insurance policies can cost you greatly if it persuades you to go without coverage, or purchase less coverage than you actually need. 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 insurancepolicy comes in around $30 per month…as opposed to the average of $75-$100 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.

So, now you know your facts. Has it changed your mind about your current insurance policies? The first step toward better coverage is finding a local insurance advisor that knows the market, and can shop around for the best rates in your area. Carroll Marshall is proud to serve the greater Winter Haven area with quality, personalized advisement services for those seeking all kinds of insurance coverage. We take each case and evaluate the needs of the client and their family, making sure we get the coverage they need with a monthly premium they can manage. If you live in the Polk County area, give us a call or stop by our downtown office.