Los Angeles, CA, September 04, 2012 --(PR.com
)-- The sluggish economy continues to put financial strain on many of us. So it just makes sense to examine our budgets and look for ways to trim the fat from our monthly expenses and put more into savings, if possible.
“That’s a great way to help stabilize your finances, but it’s also important that you have a financial safety net in place in case something were to happen to you,” says Mindy Lamont, Founder and CEO at The Insurist in Los Angeles, CA. “Life insurance is one of the few guarantees your family could rely on to maintain their quality of life if you were no longer there to provide for them.”
There are 95 million adult Americans without life insurance, according to LIMRA, an insurance industry research group. “The fact is, the vast majority of Americans need life insurance and, sadly, most people either have none or not enough,” says Lamont. “If someone depends on you financially, you need life insurance. It’s that simple.”
September is Life Insurance Awareness Month, making it the perfect time to take stock of your life insurance needs. Lamont offers three additional reasons why now is the best time to look into getting life insurance.
You’ll never be younger than you are now. While that may sound obvious, youth is on your side when it comes to life insurance. It makes good financial sense to get coverage when you’re young and healthy, as premiums are based on your age and health. For most policies, your premiums will be locked in at that rate over the life of the policy, and can’t be raised due to a change in your health status.
It’s affordable, with rates near historic lows. People overestimate the cost of life insurance by nearly three times, according to a recent study conducted by LIMRA and the LIFE Foundation, a nonprofit insurance education organization. In fact, life insurance rates remain near historic lows; the cost of basic term life insurance has fallen by nearly 50 percent over the past decade. For example, a healthy 30-year-old can buy a 20-year, $250,000 level-term policy for about $13 per month.
Life happens. One day life is going along smoothly, and the next, you’re thrown a curve ball. No one knows what the future holds. None of us expect to die prematurely, but the truth is roughly 600,000 people die each year in the prime of their lives. That’s why today is always the best day to take care of your life insurance needs.
“Life Insurance Awareness Month is the ideal time for a life insurance review,” says Lamont. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”
According to Lamont, consumers can get a general sense of their life insurance needs by going to www.lifehappens.org/lifecalculator and using the online calculator offered by the LIFE Foundation. The next step, suggests Lamont, should be to contact a local insurance professional, who can conduct a more comprehensive needs analysis and help you find the right products to fit your specific needs and budget.
About Life Insurance Awareness Month
Held each September, Life Insurance Awareness Month is an industry-wide effort that is coordinated by the nonprofit LIFE Foundation. The campaign was created in response to growing concern about the large number of Americans who lack adequate life insurance protection. Roughly 95 million adult Americans have no life insurance, and most with coverage have less than most insurance experts recommend. For more information on life insurance, visit LIFE’s website at www.lifehappens.org.
About Mindy Lamont and The Insurist
In 2012, Mindy Lamont took a step away from the world of pinstripes and Ferragamos to found The Insurist, a more down to earth approach to life insurance. The Insurist is an independent broker with access to all of the best carriers and companies. In honor of Life Insurance Awareness Month, Mindy has launched www.theinsurist.com, where you can access the LIFE Foundation’s calculator, get real time quotes, and complete your life insurance purchase.
“Life Insurance is a necessary evil. An annoying insurance agent isn’t.”
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