One of the ways insurance professionals try to get people to sit up and take notice is to state a startling statistic. We find that’s not always the best approach.
Because people can easily explain away statistics with reasoning. We’ve found that real-life examples better connect emotionally with our audience, and as a result, are harder to ignore.
Today’s post shares real-life accounts of how life insurance saved two families, and the three lessons you can take away from their stories.
1) Make sure you’re truly covered: If you work for a company and you know you’re insured, you probably don’t give life insurance much thought. You figure, “My company will take care of everything”, right? Luckily for Alden Wicker, her mother shared the opposite viewpoint. Ms. Wicker’s parents were better off than most, with a solid income and an emergency fund of close to two years of her father’s salary. Her mother was in charge of the budget and inspected her husband’s employer-provided insurance coverage, which would pay out two times his $30,000 a year salary. She calculated their actual expenses to see how much they’d need if they had a crisis and realized it was significantly higher, so she took out two additional policies.
The Lesson: Never assume that your employer’s life insurance is enough to cover your needs. Sit down and make a list of your actual expenses (mortgage, rent, living expenses, etc.) and compare that total against how much coverage you receive.
2) Don’t let the unexpected turn your world upside down: Even with more women in the workforce than ever before, the majority of stay-at-home spouses are still women.
When Deborah Nixon met her husband, he was 26-years-old. She never imagined her life would be turned upside down 11 years later. When they were first married, Ms. Nixon pushed for the both her and her husband to get life insurance, but her husband did not feel it was a priority since he was young, healthy and strong. Then, later on that year, her husband developed cancer, and they spend nine of his remaining 11 years re-applying (unsuccessfully) for an insurance company willing to take them. Less than two years after he finally received coverage, he died. Deborah stated the money she later received was “my lifeline and I don't want to think about what would have happened without it. It's a frightening thought.”
The Lesson: Does getting life insurance as a young person in your 20’s seem a little…absurd? To most people, probably. But being diagnosed with cancer at 26 is a lot more terrifying. No matter what your age when purchasing life insurance, sooner is always better than later.
3) Prevent unforeseen chaos from occurring: The third and final lesson is a continuation from our first story. Ms. Wicker’s sharp budgeting skills came in handy when her husband died unexpectedly in an airplane crash. Ms. Wicker was a stay-at-home mom and had been out of the workforce for over nine years. Without a career to help her pick up the financial slack, there is no way she would have survived the onslaught of bills brought on by her husband’s death, like funeral costs, private school tuition and mortgage, etc. Her foresight saved her family from becoming penniless.
The Lesson: The precautions you take today could come in handy much sooner than you think.
We hope these real-life stories and their lessons resonate with you and show you that life insurance helps real people just like you every day.
Protect yourself and your loved ones from an unavoidable suffering and compare life insurance quotes with IntelliQuote today!