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Game Winning Life Insurance Strategies
Being at the top of your game takes strategy and key plays. And purchasing life insurance today so your family’s financial future is protected for whatever tomorrow may bring is a major win. Take a look at our playbook of key life insurance plays to hit the court strong.
Question 1: True or False?
More than half of Americans overestimate the actual price of life insurance by three times the cost.
True
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False
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Correct Answer: True
Life insurance isn’t as expensive as you might think! Term life insurance is typically the cheapest coverage option providing protection for a set number of years. According to the 2021 Insurance Barometer by Life Happens and LIMRA, “more than half of Americans overestimate the cost of life insurance by three times the cost, and 44% of millennials overestimate the cost by six times.”
Correct Answer: True
Life insurance isn’t as expensive as you might think! Term life insurance is typically the cheapest coverage option providing protection for a set number of years. According to the 2021 Insurance Barometer by Life Happens and LIMRA, “more than half of Americans overestimate the cost of life insurance by three times the cost, and 44% of millennials overestimate the cost by six times.”
Question 2: True or False?
Workplace life insurance is always enough coverage.
True
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False
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Correct Answer: False
According to the U.S. Bureau of Labor Statistics, the median life insurance coverage provided by an employer is either a flat $20,000 or one year’s salary. Would that be enough to ensure your loved ones wouldn’t struggle financially? For many the answer is no. The 2021 Insurance Barometer found “42% of families would experience financial hardship within 6 months of a wage earner’s passing and 25% would struggle within a month.”
Correct Answer: False
According to the U.S. Bureau of Labor Statistics, the median life insurance coverage provided by an employer is either a flat $20,000 or one year’s salary. Would that be enough to ensure your loved ones wouldn’t struggle financially? For many the answer is no. The 2021 Insurance Barometer found “42% of families would experience financial hardship within 6 months of a wage earner’s passing and 25% would struggle within a month.”
Question 3: True or False?
Life insurance is only used for the death benefit.
True
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False
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Correct Answer: False
With the future on your mind, it’s hard not to think about preparing for your retirement. Life insurance can help! With options like whole life or Indexed Universal Life policies that provide cash value accumulation and let you borrow from your policy, you can save for retirement AND be prepared for the unexpected.
Correct Answer: False
With the future on your mind, it’s hard not to think about preparing for your retirement. Life insurance can help! With options like whole life or Indexed Universal Life policies that provide cash value accumulation and let you borrow from your policy, you can save for retirement AND be prepared for the unexpected.
Question 4: True or False?
It’s too difficult to buy life insurance.
True
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False
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Correct Answer: False
With our accelerated underwriting process, depending on the coverage amount you choose and underwriting requirements, you may be able to lock in coverage without medical exams or testing. You can even answer life insurance questions online or over the phone.
Correct Answer: False
With our accelerated underwriting process, depending on the coverage amount you choose and underwriting requirements, you may be able to lock in coverage without medical exams or testing. You can even answer life insurance questions online or over the phone.
Question 5: True or False?
I don’t need life insurance until I am older.
True
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False
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Correct Answer: False
The truth is buying life insurance when you’re young and healthy can help you lock in lower premiums and gain guaranteed insurability for when you’re older. According to the 2021 Insurance Barometer study, “Nearly 4 in 10 insured consumers wish they had purchased their policies at a younger age.”
Correct Answer: False
The truth is buying life insurance when you’re young and healthy can help you lock in lower premiums and gain guaranteed insurability for when you’re older. According to the 2021 Insurance Barometer study, “Nearly 4 in 10 insured consumers wish they had purchased their policies at a younger age.”
The game of life is tricky and unpredictable. While having conversations about the need for the life insurance isn’t fun, it is necessary. Working with a Farm Bureau agent takes the guesswork out of planning for the future and ensuring your family’s financial future is protected – now and later. Your agent is your best resource to creating a strong strategy to build the best offense and defense against the unexpected turns life may bring.