Category: Why Get Term Life Insurance?

Life insurance is a crucial part of any solid financial plan, but 41% of Americans say they don’t have sufficient life insurance coverage. That’s why Life Happens created Life Insurance Awareness Month (LIAM) and why QualityTermLife strongly supports efforts to promote the benefits of life insurance during September and all year long. For agents and advisors, LIAM is the perfect time to meet with your clients to make sure their life insurance coverage meets their needs.

This year’s LIAM spokesperson is Roselyn Sánchez, actress, producer, proud Puerto Rican, and mother. She is featured on many of the LIAM promotional materials available from Life Happens.

“Let’s educate people about the importance of life insurance so they can make that easy decision for their family,” Sánchez says.

LIAM provides a great opportunity for everyone to shine a spotlight on life insurance products and work towards improving those statistics. Many common consumer objections to purchasing life insurance (or purchasing enough) are either inaccurate or easily surmountable. These include:

• It’s too expensive. You can see for yourself using an online life insurance quote engine just how affordable life insurance can be. It’s easy to shop and compare prices from dozens of A-rated companies for any budget.

• They will buy it later. Purchasing life insurance early is often a good decision. Young and healthy people are generally able to get less expensive coverage. LIMRA found that nearly 40% of people who have purchased life insurance wish they had done so earlier.

• They don’t understand the products. This is a fault of life insurance agents who confuse customer with options, like whole life and universal life, forms of permanent insurance. They are complicated and confusing. The truth is that Term Life insurance the right product for the vast majority of people: anyone with dependents, debt and minimal savings. It is straightforward to understand and easy to buy.

• They are covered through work. While workplace plans are often an excellent benefit, most provide insufficient coverage to meet a family’s needs. Nice to have, but workplace plans are not intended to provide long-term financial protection for an employee’s family. Also, the plan ends when the employee should lose their job, get a new one, or retire.

• It’s depressing. Many people are uncomfortable talking about providing for their families after they are gone. To the contrary, knowing that they are providing financial security for their loved ones puts consumers at ease. It is the responsible, adult thing to do.

• They don’t want to take a medical exam.  Don’t worry. It is a very basic exam, quick and easy. A nurse will come to you to take your medical history, physical measurements, and diagnostic specimens. The insurance company pays the cost.

While life insurance is important every day of the year, QualityTermLife is proud to acknowledge September as Life Insurance Awareness Month, promoting life insurance for the benefit of families across the United States.

In partnership with Life Happens, Kelly Rowland talks family and financial security and the need for more life insurance conversation

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Life insurance allows you to say to your loved ones, ‘I’ve got you,’

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ARLINGTON, VA. Sept. 1, 2021 /PRNewswire

Life Happens launches its annual Life Insurance Awareness Month (LIAM) campaign with four-time Grammy award-winning singer, songwriter, producer, humanitarian and mother Kelly Rowland. Life Happens’ partnership with Kelly seeks to ensure Americans understand the value and comfort life insurance brings, so they can say to their loved ones: “With life insurance, I’ve got you.”

Kelly and her husband had always talked about life insurance, but it was an emotional conversation with a friend that prompted her to take action. As a mom of two, Kelly does anything to make her family’s lives better and more secure—life insurance is a crucial part of that. To support Life Happens’ annual LIAM campaign, Kelly will be helping to change the conversation about life insurance, so more people get the coverage and financial security they need.

“For me, having life insurance truly eases my heart and mind. It means that no matter what, my family can keep looking toward the future. It’s that feeling that with life insurance, I’ve got you,” said Kelly Rowland. “Life insurance is great, but the greatest thing we can give people is the information on what exactly it is and what it does for a family. That’s why my partnership with Life Happens is so important; it allows me to help spread an important message about financial security, as well as the facts about life insurance so families can get the coverage they need.”

For a lot of people, having life insurance comes down to information, they often don’t fully understand all that life insurance can do. Despite this, intent to purchase life insurance is at an all-time high.

According to the 2021 Insurance Barometer, 31% of consumers said they are more likely to buy life insurance because of the wake-up call COVID has given them, and 59% of people without life insurance say they need coverage. At the same time, research from Life Happens shows increased conversation around life insurance with 55% of Americans saying that the past year was the first time they spoke with a loved one about life insurance.

Throughout LIAM, Life Happens and Kelly will be empowering all Americans with the information and resources they need to talk about life insurance and get the coverage need.

“Life insurance allows you to say to your loved ones, ‘I’ve got you,’ and really mean it. As a role model to many, Kelly’s powerful message emphasizes the security and freedom life insurance can provide so families can keep looking toward the future,” said Faisa Stafford, President and CEO of Life Happens. “For our 18th annual LIAM campaign, our aim is to educate Americans on the importance of including life insurance in their financial plans and inspire them to take action and protect their loved ones.”

Through the partnership with Life Happens, Kelly is featured in a series of resources and a PSA reinforcing this year’s LIAM theme, sharing more about her experience with life insurance and the impact it has had on her family. These videos, social-media graphics and flyers are available for Life Happens Pro members to use in igniting the conversation around life insurance.

To see more information about Life Insurance Awareness Month and Kelly’s personal experience with life insurance, visit www.lifehappens.org/kelly.

About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. ons. To learn more, visit www.lifehappens.org.

Media Contact
KWT Global for Life Happens
lifehappens@kwtglobal.com

SOURCE Life Happens

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QualityTermLife for free quotes on term life insurance from A-rated companies.

ORLANDO, Fla. – More Americans are buying life insurance during the COVID-19 pandemic.

Whenever there’s a noted loss of life, interest naturally increases in life insurance. This is now the case with the coronavirus pandemic, which has a lot of families wanting to make sure they are prepared — just in case.

Life insurance is as critical tool when considering how you will arrange your affairs, to help make sure that all your debts and your financial obligation are met, so that they aren’t left for your loved ones to deal with.

For example, will you have enough life insurance to satisfy your children’s education, their future education expenses? Are you going to be able to replace your lost income for your family?

When buying life insurance, you will need to decide how much to get and how long you should be covered. QualityTermLife makes it easy to calculate how much insurance you will need with their online needs estimator. You can also find free term life insurance quotes on the QTL website from dozens of top, A-rated insurers so that you can compare and get the best value.

Guest post by Chris Haychmon of Adulting Digest

The sooner you can take control of your finances, the better off you will be. You are the master of your money, and only you can make your money work for you. The more you work to understand, direct, and manage your finances, the more independence you will have. 

That said, there’s no better time to start implementing these principles than when you’re getting ready to move out for the first time. Let’s discuss some ways you can plan ahead and prepare for even the worst of situations as you set out on your own.

Get Term Life Insurance 

Your income subsidizes your living situation, but if you and your income are no longer around, what happens to your assets? If you have debt, a mortgage, a spouse, and/or children, it’s wise to plan for the worst-case scenario. In this case, a 20-year term life insurance policy may be ideal. If you pass away unexpectedly, such a policy could provide financial security for your loved ones by providing for lost income and ensuring your debt is satisfied and by covering some — if not all — of the medical and funeral expenses. For more information, please reach out to the experts at Quality Term Life.

Establish an Emergency Fund

If there is one thing you should do right away, it’s to establish an emergency fund. Something is bound to come up. A hospital bill will arrive, your car will break down, or some big repair will need to be made to your home. You should be prepared. Ideally, the goal is to have three to six months of expenses saved up. If you’re just getting started, shoot for $1,000 and build from there. 

To help you build an emergency fund, you may want to look into picking up a part-time job or a side gig. University students have the opportunity to take part in virtual career fairs, allowing them to connect with potential employers from the safety and comfort of their homes.

Build Your Credit Responsibly

When moving out for the first time, your goal should not be to get as many credit cards as possible. In fact, that’s the last thing you want to do. Though you will likely need a credit history to get some of the things you need (like an apartment), take advantage of your limited credit history and start building it the right way. Either ask your parents to cosign your lease, or spark your credit history before you move out. 

The best way to do this is to get a secured credit card, which is relatively easy for those without credit. Then, buy one or two things with the card, pay the bill (before the due date), and put the card away until you’re confident that you’re responsible enough not to abuse it. If you’re going to college, you can also build your credit history by taking out a federal student loan; just be sure not to miss or delay any payments. 

Your credit score will have a major impact on your loan terms should you decide to buy a home one day. While it is possible to purchase a home with poor credit, you’ll be required to pay much higher interest rates, so it’s in your best interest to keep your credit rating as strong as possible. 

Get Identity Theft Protection

We would have to be superhuman to protect all of our assets. In today’s world, everyone can be hacked in an instant, and no bank, business or government is completely safe. That’s why it’s important to have an extra set of eyes on all your accounts. You are the first line of defense by checking your accounts regularly, and your providers are the second line of defense by protecting your data from breaches. 

For a reasonable monthly fee, you can get a third set of eyes to monitor things like your social security number, credit reports, bank accounts, real estate transactions and credit activity. Identity theft protection will also insure you for any losses you may experience in the event of a breach. When it comes to securing your assets, obtaining identity theft protection may be the most important step you can take in this digital age. 

Moving out for the first time is one of the most significant steps you will ever take in life. And one of the best ways to make it count is to set yourself in a position to be financially independent. Remember to start an emergency fund immediately, and consider getting a life insurance policy. Also, build your credit history the right way, and consider getting identity theft protection. Nothing can help you rest easy and achieve your goals quite like being prepared for the future.

Quality Term Life is America’s favorite life insurance agency for a reason. To learn more about how we can help you, please give us a call at 1-855-707-5433 to speak to an advisor.

Image via Unsplash

Guest post by ConsumersAdvocate.org

As parents, one of the most important lessons to pass along to your children (other than saying please and thank you and to always eat your vegetables) is how to stay out of debt and plan for the future.

This doesn’t require mastery of financial instruments – like currency futures and exotic derivatives. But knowing how to make a budget and stick to it, or how to choose the best IRAs and other retirement plans are essential to their future well-being and development.

Setting the Right Example

Unfortunately, children often learn the wrong lessons from the examples their parents set. For instance, how many four-letter words have your kids picked up from hearing you accidentally stepping on their Legos in the middle of the night on the way to the bathroom!

Bad fiscal habits are also surprisingly inheritable. In short, if you’re bad with money, it is more likely that your kids will be, too. If you’re in debt by the end of your life, it could become hereditary debt. If you leave debt to your children, it will be far more difficult for them to achieve a debt-free life, themselves.

3 Financial Identity Types

According to the decade-long Life Success research project, children fall into three categories when it comes to learned fiscal habits.

• Followers: follow their parents’ example
• Pathfinders: are interested in financial topics and find their own way
• Drifters: don’t follow their parent’s example, but also don’t have any other strategy.

Parental Influence

Even though each child tends toward their own way of processing things, the researchers discovered that each identity style was strongly associated with a different level of parental guidance.

• Children who had received some financial education, primarily modeled after their parents own financial habits identified as followers.
• Children whose parents talked to them openly and frequently about finances and involved them in financial decisions identified as pathfinders.
• Children who lacked these experiences identified as drifters.

Preventing Hereditary Debt with Life Insurance

One of the most important financial habits to pass on for preventing hereditary debt is to discuss and purchase term life insurance with your children. They learn that you can still be financially responsible to those who depend on you even after you die. Making sure your loved ones are cared for, the mortgage is paid off, and college expenses are covered ensures that heirs don’t inherit debt and thus breaks the chain of hereditary debt.