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Life Insurance Awareness Month

 

Did You Know?

4 in 10 individuals don’t know how much life insurance they need or what they should buy.

 

Source: LIMRA Facts About Life 2017

Did You Know?

More than 50% of people would have immediate or near immediate trouble paying living expenses if the primary wage earner passed away.

 

Source: LIMRA Facts About Life 2017

Did You Know?

A typical traditional funeral service costs between $8,000 and $10,000.

 

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PARTING

Did You Know?

46% of Americans do not own life insurance.

 

Source: LIMRA Facts About Life 2017

Did You Know?

Nearly 1 in 3 Americans believe they need more life insurance.

 

Source: LIMRA Facts About Life 2017

Did You Know?

Nearly 40% of Americans—and 50% of married millennials—wish their spouse or partner had more life insurance coverage.

 

Source: LIMRA Facts About Life 2017

Did You Know?

With inflation, the average cost for a family to raise a child through age 17 is $284,570, not including the cost of college.

 

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USDA

Did You Know?

Average Cost of a 4-year College Education

 

Private Colleges: $167,880 (tuition, fees, room and board)

 

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NCES.ED

Did You Know?

Average Cost of a 4-year College Education

 

Public Colleges: $64,752 (tuition, fees, room and board)

 

Source:

 

NCES.ED

Did You Know?

The average age of retirement is 64 for men, and 62 for women.

 

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CRR.BC

Did You Know?

The average cost of retirement has risen to $738,400.

 

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FOOL

Did You Know?

52% of Americans view life insurance as a good vehicle to supplement their retirement income.

 

Source: LIMRA Facts About Life 2017

Did You Know?

In general, experts recommend that individuals have enough life insurance to replace 7 years of income.

 

Source: LIMRA Facts About Life 2017

Did You Know?

On average, people owning life insurance have enough coverage to replace only 3.4 years of income—less than half the recommended amount.

 

Source: LIMRA Facts About Life 2017

Did You Know?

Top 3 Reasons People Buy Life Insurance

 

Reason 1: To cover burial and final expenses (85%).

 

Source: LIMRA Facts About Life 2017

Did You Know?

Top 3 Reasons People Buy Life Insurance

 

Reason 2: To help replace lost income (67%).

 

Source: LIMRA Facts About Life 2017

Did You Know?

Top 3 Reasons People Buy Life Insurance

 

Reason 3: To transfer wealth or leave an inheritance (63%).

 

Source: LIMRA Facts About Life 2017

Dispelling Misconceptions

Security Mutual Senior Vice President George Kozol was recently interviewed by NewsChannel 34 about Life Insurance Awareness Month, an educational campaign sponsored by the nonprofit organization Life Happens. George discussed some important points consumers may not realize about life insurance, including ways life insurance can be tailored to help meet their unique financial protection needs and goals.

Listen to the interview.

A Myth Can Be a Millstone
by Candice Faith, CLU, ChFC 
Assistant Vice President, Marketing

Are myths about life insurance holding you back from protecting your most important assets? See if what you have been led to believe aligns with any of these five life insurance myths.

Download the full article for more information.

It’s Inevitable
by Candice Faith, CLU, ChFC 
Assistant Vice President, Marketing

We insure against events that we can exercise some control over preventing . . . accidents, theft, fire. We even insure our pets. So why do so many of us avoid insuring against that other inevitable event . . . death? The potential for financial AND emotional loss is incalculable.

Download the full article for more information.

September is Life Insurance Awareness Month: Are You Financially Fit?

 

This year, the LIFE Foundation has selected Danica Patrick, professional race car driver and athlete, as the spokesperson for Life Insurance Awareness Month. When it comes to fitness, Danica believes that taking care of yourself is all about your self-worth and focusing on your health, what you eat and your finances. According to Danica, “An important part of financial fitness is having a plan that includes life insurance.” Growing up, Danica saw the importance her family placed on life insurance protection. She realized that your family’s everyday life expenses don’t magically go away if something happens to you. “Life insurance is one of those things that you can completely customize to meet your needs and your ability to pay,” Danica said. Watch Danica’s video testimonial from Life Happens, a nonprofit organization, for her special message.

During Life Insurance Awareness Month, we encourage you to explore our website and to visit the LIFE Foundation’s website at lifehappens.org to discover the many ways life insurance may help ensure your family’s financial security. Life insurance proceeds can fund many types of expenses, such as: paying funeral expenses, providing income for survivors, paying mortgages and other debts, creating an estate, payment of estate or inheritance taxes, providing a cash flow in retirement, paying for college, borrowing money/taking a policy loan, equalizing an inheritance, funding of business continuation plans, funding of charitable gifts and so much more.

Do you have enough life insurance coverage? Use our Life Insurance Analysis Calculator to help estimate how much coverage you may need and then contact your Security Mutual Life insurance advisor to review your current coverage. If you are in need of an insurance advisor, please use our Representative Locator to find an agent near you.

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