Kathy’s Corner: Who Needs Life Insurance?

Kathy’s Corner: Who Needs Life Insurance?

Due to the COVID-19 pandemic, more people are aware of the importance of Life Insurance today than ever before. Although most people generally agree that it is important, many American’s are either uninsured or under insured. The challenging employment situation has contributed to the financial uncertainty many people are experiencing, driving home the importance of securing coverage.

When it comes to Life Insurance, families, whether small or large, oftentimes only secure coverage for the breadwinner. Providing a safety net in case the main financial provider of a household is suddenly lost is unquestionably vital. But many do not consider what would happen if the children’s primary caregiver should be lost. Whether that was a stay-at-home situation or a working parent or partner whose income provided additional financial support, the loss of that person can have a dramatic and devastating impact to the household’s finances. Who will now provide that care?  Are there family members nearby that will be available to help? Will the children need to now be put into daycare, or will a nanny or babysitter be needed? Regardless of the solution, the potential of the added and ongoing expense should that situation arise needs to be planned for. It is a well-established fact that fewer women own Life Insurance than men. This has long been true and originated with gender roles and views that were prevalent in the past. It is the responsibility of the insurance agent to educate and enlighten their clients on the risks involved in today’s environment.

Securing Life Insurance on each member of a household’s primary structure should always be considered when creating an insurance plan with clients. Ensuring that they understand the potential for financial insecurity, is vital to securing a successful future for their family.

For more information about selling Life Insurance contact Insurance Advisors today!

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