Years ago, life insurance was typically sold by men, to men, for men’s families. That was back during a time when the majority of women were stay at home mothers and homemakers, and men were the sole bread winners. Policies were marketed as an investment vehicle, but the primary benefit was to cover expenses in the event of the death of the man of the family. Payment was intended to be made to his wife or family to cover burial costs and supplement for the lost income to the household.
How many families do you know now that live off of a single income? Not many. The recession sparked a trend of families learning to live leaner and more frugal. And some even made the decision to keep one parent home based on the cost of daycare and other expensed related to working away from home. Often times, the at home parent is still usually contributing to the income through online work, bartering services or goods, or even extreme couponing. Most singles can’t even afford to live on just their income, they still live at home, or have roommates. Whatever the case, with today’s cost of living, it takes two…or more, just to keep the bills paid and roof over our heads. This is why life insurance is even more important now than ever before.
Now what if one of those incomes is lost, without warning? Stay at home mothers or fathers, when forced with this difficulty typically have to return to the workforce and get a job outside of the home… if one is available. And for those with both parents already working out of the home, then what?
September is Life Insurance Awareness Month, so as the month comes to an end, please call an agent to review your options for life insurance. Term Life, Whole Life, and Universal Life options are available for everyone, let your agent help determine what is the right coverage for you and your family.
Don’t wait until next September to consider it again. There are people counting on you. Stay Covered, North Carolina!