September 22, 2020
Life Insurance Awareness Month 2020:
Get Ready for Uncertainties
By Oklahoma Insurance Commissioner Glen Mulready
The pandemic has caused anxiety, depression and a feeling of restlessness for most of us. We worry about our health, family, jobs, and finances. No one knows what the future holds and most of us feel powerless during these unique times. However, there is still something you can have control over: taking care of your loved ones. One of the best and easiest ways to do this is purchasing life insurance. Life insurance is not for the people who die—it is for the people who live. Life insurance would ensure your loved ones would be in a good financial place when you’re gone.
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.
For more information about life insurance: https://www.oid.ok.gov/consumers/insurance-basics/life-insurance/