UPDATED: Mar 26, 2020
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Financial freedom and independence are hallmarks all Americans should enjoy.
As the Fourth of July rounds the corner, people all over the United States are gearing up for celebrations with family, friends, and neighbors.
In my neck of the woods, there will be backyard barbecues with potato salad, hamburgers, and hot dogs; games of horseshoes, volleyball, and cornhole; and fireworks (both of the amateur variety and larger, professional displays at local stadiums). I imagine you’ll enjoy some similar fun during the coming weekend.
At the core of all the festivities (I hope) is a sense of appreciation and gratitude for the freedoms our forefathers fought for—and that we so often take for granted.
Thinking about the Fourth of July in the context of this blog, I realize the holiday and the topic of life insurance share some common themes.
Term Life Insurance: Two Reasons to Celebrate It
People and families with life insurance policies have a sort of freedom and independence those without life insurance typically do not. According to the Life Happens and LIMRA 2014 Insurance Barometer Study, over one third of Americans are concerned with leaving dependents in a difficult financial situation should they pass away prematurely; and over a third are concerned with leaving others to pay for their funeral expenses.
Life insurance, (particularly term life insurance, which is the most affordable type of life insurance) helps give you the peace of mind that those left behind will have the funds to live comfortably without depleting retirement savings or asking for financial help from others.
Term life insurance offers you the freedom to choose a policy that will best serve your needs and those of your loved ones. Term life policies offer flexibility in both the amount of coverage you can get and for the amount of time (the “term”) that coverage will be in effect. Most common term lengths are 10, 15, 20, 25, and 30 years. The shorter the term, the lower the premium. You can even get policies for as short as one year. To figure out the right combination of amount and term, consider using an online financial needs calculator to help you determine how much your family would need to cover expenses and live well in the future.
Freedom of choice isn’t the only way term life is liberating, though. Because of its affordability, term life allows you to have peace of mind about your loved ones’ financial future without putting excessive financial strain on you in the here and now. So you get the best of both worlds: financial security for your family’s future AND the freedom to enjoy life to its fullest.
That’s definitely reason to celebrate, don’t you think?