Life Insurance Awareness Month 2020: Get Ready for Uncertainties
Mike Seals - September 22, 2020 11:51 am
By Oklahoma Insurance Commissioner Glen Mulready
Yet, most people still either have no life insurance or don’t have enough. They worry it’s too expensive, too complicated, or don’t want to think about their death. The pandemic has also brought us back to familial values, reminded us what really matters and how quickly something can be taken away. It doesn’t need to be a difficult conversation to talk about death. If someone depends on you financially, they would most likely struggle if you were to pass away. Let them know how much you love them by getting the protection they need.
September is Life Insurance Awareness Month, making it the perfect time to evaluate your life insurance needs. I encourage Oklahomans to take a few minutes this month to help their families get ready for uncertainties, protect their futures and ease financial burdens. Here are three reasons why you should consider life insurance today:
- LOWER PREMIUM
You will never be younger than you are today. While that may sound obvious, your age is key when it comes to life insurance. In general, you’ll pay less the younger and healthier you are as premiums are based on age, health and the type of policy you buy. For most policies, premiums will be locked in at that rate over the policy’s life and cannot be raised due to a change in health status.
- CHEAPER THAN YOU THINK
People overestimate the cost of life insurance. According to the Insurance Barometer Study, people think life insurance costs three times more than it does. The average price of a term life insurance policy for someone in their 30’s is $16 per month. If you get a policy in your 40’s, you can expect to pay $22 per month according to S&P Global.
- PEACE OF MIND FOR YOUR LOVED ONES
According to the Life Happens’ recent survey “Tough Talks During COVID-19”, half (49%) of respondents agreed that it is essential to have open conversations with their partners and families about their financial future. Additionally, it’s helped two thirds (66%) of Americans better understand life insurance’s value, with another quarter (25%) buying coverage for the first time.
If you have questions about other insurance issues, contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.