Join Our Twitter Chat About the Importance of Disability Insurance on May 1

Join Our Twitter Chat About the Importance of Disability Insurance on May 1

by | April 16, 2018 | Disability Insurance | 0 comments

On May 1, join Life Happens as we moderate a Twitter Chat focused on how important disability insurance is and why it is so critical for anyone who works and relies on their paycheck (and who of us doesn’t). Despite this fact, only 20% of employed Americans say they have disability insurance (2018 Insurance Barometer Study, Life Happens and LIMRA).

So, whether you are an industry expert or know nothing at all, we invite you to join us for a lively conversationl

Date: Tuesday, May 1 from 1:00 p.m. EDT to 2:00 p.m. EDT
Hashtag: use and follow #DIAMchat during the above timeframe

Use the link here, to follow the hashtag on Twitter during the above timeframe.

During the chat, we’ll be discussing the questions below from all-new research:

All statistics below come from the study “What Do You Know About Disability Insurance?” Life Happens, 2018

Q1: We found that 7 in 10 employed Americans say they would feel the financial pinch in a month or less without their paycheck. Does this statistic surprise you? #DIAMchat

Q2: More than half of Americans admit they know very little or nothing about their disability insurance. What problems could this lead to? #DIAMchat

Q3: 30% of employed Americans would first look to their family, partner or friends for financial support if they were sick or injured and couldn’t work. Do you feel this number is high? #DIAMchat

Q4: We found employed men know more about their favorite sports team (54%) than their own disability insurance (41%). Let’s discuss? #DIAMchat

Q5: Let’s talk Millennials. We found that Millennials who are working know much more about their favorite TV show (95%) than their disability insurance (35%). How can we reach younger consumers about this important topic? #DIAMchat

We look forward to seeing you there!

Key Findings for the 2018 Insurance Barometer Study

Key Findings for the 2018 Insurance Barometer Study

by | April 10, 2018 | Financial Planning, Industry Issues, Life Insurance, Long-Term Care Insurance, Retirement Planning | 0 comments

Each year Life Happens and LIMRA join forces to get the latest and greatest information about what consumers are thinking when it comes to their financial concerns as well as what insurance coverages they do or don’t have—and why! And that’s just the start.

The 2018 Insurance Barometer Study also probes two “hot topics,” which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.

Here are some of the key findings:

[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]

Consumers feel better about their economic situation and have a more positive financial outlook than in 2017. #2018Barometer Click To Tweet Affording a comfortable retirement remains people’s top financial concern. #2018Barometer Click To Tweet 3 in 5 adults have life insurance, either a personal policy or through work. #2018Barometer Click To Tweet Almost everyone (90%) thinks a family’s primary wage earner needs to own life insurance. #2018Barometer Click To Tweet More than a third (35%) of households would feel the financial impact within 1 month, if the primary wage earner died. #2018Barometer Click To Tweet 1 in 5 people who have life insurance say they do not have enough. #2018Barometer Click To Tweet 1 in 5 who don’t have life insurance say they need coverage. #2018Barometer Click To Tweet 2 in 5 Millennials say they wish their spouse/partner would buy more life insurance. #2018Barometer Click To Tweet 61% of people don’t buy life insurance or more of it because they say they have other financial priorities. #2018Barometer Click To Tweet 44% of Millennials overestimate the cost of life insurance by five times the actual amount. #2018Barometer Click To Tweet Millennials need life insurance information and education; they are the most likely to be uncertain about product types, coverage amounts and qualifying for coverage. Click To Tweet Over half of Millennials say they’d research life insurance online, but purchase from an insurance professional. #2018Barometer Click To Tweet About half of adult consumers visited a life insurance company website and/or sought life insurance information online. #2018Barometer Click To Tweet Almost 1 in 3 purchased or attempted to purchase life insurance online. #2018Barometer Click To Tweet 29% of consumers say they’d research and buy life insurance online, up 7 percentage points from 2016. #2018Barometer Click To Tweet Half of all consumers say they are more likely to purchase life insurance if it’s priced without a physical examination. #2018Barometer Click To Tweet “Fast and easy” is the benefit that most consumers (72%) like about simplified underwriting. #2018Barometer Click To Tweet 54% of Millennials are likely to ask social-media connections for recommendations on a financial professional. #2018Barometer Click To Tweet 67% of consumers say they would not do business with an agent/advisor with an out-of-date website. #2018Barometer Click To Tweet Half of consumers want a primary financial advisor: 37% have one, 14% are looking for one. #2018Barometer Click To Tweet Over 40% of Boomers have a primary financial advisor, but only 1 in 3 Gen Xers and Millennials have one. #2018Barometer Click To Tweet Half of Gen Xers and Millennial say they don’t want a primary financial advisor. #2018Barometer Click To Tweet A third of workers are concerned about becoming sick or disabled and not being able to work, yet only 20% have disability insurance. #2018Barometer Click To Tweet Almost a third of people are worried about long-term care, yet only 15% own long-term care insurance. #2018Barometer Click To Tweet

[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]

799,182 Reasons to Buy Life Insurance

799,182 Reasons to Buy Life Insurance

by | April 3, 2018 | Life Insurance | 0 comments

A generation ago, unexpected loss of a loved one could be seen as an isolated situation. But today, a quick search of GoFundMe delivers a difficult reality check. Simply type “funerals” into the search field, and behold—799,182 results (on this particular day). Almost 800,000 tales of the sudden loss of a loved one, compounded by an acute financial crisis.

Scrolling through the many names and faces of tragedy can be tough. And yet it allows us to see the cost of putting off buying life insurance in a whole new way. The truth is, life can be breathtakingly uncertain, but the financial impact of a sudden, unexpected loss doesn’t have to be. With life insurance, you can know—without the shadow of a doubt—that if you or your spouse or partner died unexpectedly, your family would be financially secure. And you can know that for less than a $1 a day.

The Pros and Cons of Crowdsourcing

GoFundMe and other crowdfunding sites are fabulous for stretch goals, for helping people get back on their feet after a setback, and for inspirational charity projects. These modern tools let regular people pool needed capital easily and safely by collecting small donations from large numbers of people and sharing your story far and wide on social media.

But if tragedy befalls, which would you prefer? 

Panicked online fundraising by your grieving family, or a time-tested financial tool that delivers funds immediately to your beneficiaries in a cash lump sum?

An uncertain amount of money, reduced by service fees and taxes, or a predetermined tax-free payment that covers all costs with certainty, allowing your loved ones to focus on other things?

Choose the Best Scenario for Your Family, Today

Which model would you choose for your family during a time of intense stress? As it turns out, the time to choose is actually now, when tragedy is the furthest thing from everyone’s minds.

You can choose to put a financial buffer in place today, so that your loved ones will never have to fend for themselves after an unexpected loss. And you can make this choice for less than the price of a daily coffee.

As a point of reference, if you’re a healthy 30-year-old who doesn’t smoke, you can get a 20-year, $250,000 level term life insurance policy for about $16 a month. As you age and your health changes, the premium to get a life insurance policy increases, so it makes sense to buy coverage—and lock in the low price—when you are young and healthy.

The truth is, crowdfunding only goes so far. Instead of hoping a crowdfunding site will be there if tragedy strikes someday, you can research coverage options for you and your family, right now.

A minimum of hassle today can ensure your loved ones will never have to shoulder the terrible double burden of both personal and financial loss—and that they’ll never have to set up the crowdfunding page no one ever wants to build.

Here’s Where #FOMO Is Doing You a Disservice

Here’s Where #FOMO Is Doing You a Disservice

by | March 14, 2018 | Disability Insurance, Life Insurance | 0 comments

Fear of missing out—is more than just a hashtag. Many Millennials admit that #FOMO drives a lot of their decisions on what they wear, what they do, even what they eat and drink. We live in a world of social influence.

But one area where #FOMO really does you a disservice? No one is afraid of missing out on the benefits of life insurance. And why should you? There are so many other things competing for your dollars. That said, do you know what you’re missing out on by not having it? Are you making one or more of these mistakes?

You think life insurance is much more expensive than it actually is. Three in four Millennials overestimate the cost of life insurance—sometimes by a factor of 2, 3, or even more! (2017 Insurance Barometer Study by Life Happens and LIMRA) Imagine being able to afford life insurance for the cost of that daily latte, and for less money than your avocado toast habit!

You think you can’t qualify for life insurance. Nothing could be further from the truth, and yet four in 10 Millennials think this is true, according to the same study! Younger candidates have an easier time getting life insurance because they are generally healthier.

You’ll turn to GoFundMe if something goes wrong. In an era where social networking does all things, it’s natural to think that your loved ones can crowdfund their way to solvency after something happens. But life insurance benefits aren’t taxed like GoFundMe proceeds are, and life insurance has a defined, immediate payout that GoFundMe does not. Plus, your loved ones don’t need the stress or the stigma of having to ask others for help.

You’d rather spend that money on other things. In fact, one study recently suggested that many Millennials are more concerned about planning their next night out with a significant other than planning for their financial future.  But sensible steps now will make for a better future with that significant other long past tomorrow night’s date.

You don’t care because you don’t have people depending on you for money. Take a look at your student loans. Were any of them private loans? Who is liable for them—in full, often immediately—if something happens to you? There are other debts you may need to consider as well—anything where you have a co-signer.

You keep saying you’ll get around to buying insurance, but don’t. Millennials are getting married, having families! Young families have enough to worry about with daycare costs and increased medical costs, right? Well, imagine what your young family would do about those bills if something happened to you. Could your spouse pay the rent or mortgage without your income?

You tune out when “adulting” gets too hard. One recent college grad recently confessed to me that he hadn’t elected into any of his employee benefits at the dream job he got in his field because “my dad takes care of that.” He was shocked to learn what he was missing out on!

Yes, adulting *is* hard, but a sound financial plan that includes retirement and insurance coverage (health, life, and disability insurance are all part of that plan) goes a long way to making sure that you don’t look back on your younger years and think, “Oh, why didn’t I start this sooner?” Plus, you don’t have to do it alone—that’s what insurance agents are for. They will sit down with you at no cost, or obligation, to discuss what you need and how to get coverage to fit your budget. But then, signing up—that IS on you. Don’t miss out.

CLICK TO TWEET THIS POST OUT

This is when #FOMO is totally justified. Please read! Click To Tweet #FOMO may rule a lot of our decisions. Here's one area in your life where it may make sense NOT to miss out. Click To Tweet
If This Devastating Experience Has Taught Me Anything …

If This Devastating Experience Has Taught Me Anything …

by | March 2, 2018 | Life Insurance | 0 comments

When I was 17, my father lost his battle with kidney and cardiovascular disease.

As long as I shall live, I do not believe that I will ever forget the first moment I saw my father’s once vibrant face in that cold and unforgiving casket. I won’t forget his lifeless and defeated hands, or how his pale lips would never utter another joke or speak to his grandchildren.

Even though the day of his funeral was undoubtedly the worst day of my life, I wish I could relive it just to be with him one more time. Since that moment, I have felt as if all of my grief and longing resides underneath my skin with nothing to relieve the pressure.

I Had Lost So Much More

On Sept. 8th, 2016, I lost my voice of reason, my confidant, my cheerleader, and my best friend. Unbeknownst to me at the time, I had lost so much more. Upon my father’s passing, he left us with funeral and medical expenses that his insurance would not cover. Because he did not have any form of life insurance, the financial burden of his death was now the responsibility of my mother and me.

Even though my mother works night shifts as a neonatal nurse and her commute is nearly two hours, she was forced to pick up extra shifts to support my family. Though I already had a job and I worked about 10 hours a week, I now work anywhere from 25 to 35 hours a week, and I am also a full-time high honor student.

Instead of football games and homecoming, I had to deal with mourning and the possibility that I would not attend college because of my family’s financial troubles.

Although the death of my father forced me to realize the importance of cherishing time with my family, I do not see them very often because of our busy schedules. I also sacrificed my social life and the joy that every senior in high school should experience. Instead of football games and homecoming, I had to deal with mourning and the possibility that I would not attend college because of my family’s financial troubles.

What I Now Know for Sure

If my father had a life insurance policy, we would not have to work ourselves to the bone and sacrifice our physical and emotional well-being to keep up with expenses. I would not have to worry so intensely about the future of my education on top of the crippling grief that I have felt over the last five months.

If this devastating experience has taught me anything, it is this: financial planning for these situations is absolutely invaluable. I won’t soon forget the stress and despair that I have experienced, and I now realize that to have a life insurance policy is to throw your surviving family members a crucial lifeline. Though no one can ever prepare you for the trauma of losing a parent, life insurance allows you to grieve without the constant stress of financial burden, and for that reason, it is an absolutely essential precaution.

I love and miss you so much, Dad. Thank God I will see you again.

Editor’s Note: Emily is a recipient of a Life Lessons Scholarship, which will help her achieve her goal of going to college. You can help students like Emily make their dream of a college education come true by donating to the nonprofit Life Lessons Scholarship fund. Donate here.

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