September Is Life Insurance Awareness Month – Facts About Life Insurance In 2020

Sept. 4, 2020

At Symmetry Financial Group, we want to share with you all of the benefits that life insurance can offer, especially when it comes to your financial future. In light of the COVID-19 pandemic, many of us have shifted our financial priorities, and our focus on protecting loved ones has become more important than ever before.

We're sharing a few interesting facts about life insurance in 2020, and how our licensed insurance agents can help you find a product that is not only affordable and comprehensive but can also offer you peace of mind for years to come.

For many people, the COVID-19 pandemic has refocused their priorities

Life Happens, a non-profit dedicated to educating consumers about the importance of life insurance, recently collected responses from individuals across the nation on how the coronavirus pandemic affected their views on life insurance and financial planning.

The study found that 66% of respondents stated that the coronavirus pandemic helped them better understand life insurance, and a quarter (25%) of respondents bought life insurance for the first time because of it. Even more, two-thirds (67%) of Americans say that the pandemic has been a wake-up call for them to reevaluate their finances.

Reasons for purchasing life insurance have changed

Another study published by LIMRA , a worldwide research, consulting and professional development association, reported that between 2018 and 2020, reasons for having life insurance changed—wanting burial/final expenses declined in 2020, and saving for retirement increased.

In general, the top reasons for owning life insurance are to pay for burial costs and final expenses, transfer wealth across generations, and to replace lost wages or income or supplement retirement income.

Another priority? Living benefits

For many people, an important part of having life insurance is gaining access to financial benefits inside the policy while they’re still alive. This has become even more important during the COVID-19 pandemic, as many people have changed careers or joined the gig economy to help cover living expenses.

Living benefit riders are policy add-ons that offer policyholders access to benefits while they are alive. These add-ons are becoming more popular as many people want the flexibility to address future financial needs or lost income if needed.

Your Symmetry agent can help you determine which living benefits riders would meet your needs – when you request a quote for life insurance, you can get in touch with a licensed agent who can customize your policy with benefits that you can access throughout your life.

Symmetry offers life insurance solutions for every stage of life

Term life insurance

Term life insurance is one of the most affordable types of life insurance on the market today. With term life insurance, you can purchase coverage for a set number of years. You choose a term length that suits your needs (usually somewhere from 10-30 years) and if you die while the policy is in force, the insurance company will provide a death benefit to your beneficiary.

Mortgage protection insurance

Mortgage protection is a type of term life insurance that is designed to cover the cost of your mortgage payments if you were no longer able to make an income due to death, critical illness or disability. Your policy term would generally last the same amount of years that you’re paying your mortgage, making this another affordable life insurance option for families and individuals.

Debt Free Life

Symmetry Financial Group’s Debt Free Life program uses the cash value of a life insurance policy to help policyholders pay off their debts, instead of borrowing from a traditional lender. With Debt Free Life, you can pay off debts incrementally, and within an average of nine years or less, your debts will be paid off in full. The best part of Debt Free Life is that you won’t be spending any additional money each month. All the while, your family will be protected with a permanent life insurance policy should anything happen to you.

Universal life insurance

Universal life insurance is a type of permanent life insurance that provides a death benefit as well as flexible premiums. This policy also includes a cash value savings component, which can be used to supplement income and pay expenses. With universal life insurance, your policy will last for life, rather than for a specified number of years.

At Symmetry Financial Group, we’re here for you

Through our partnerships with more than 30 of the top-rated insurance companies in the industry, our licensed agents are able to offer you personalized and affordable insurance protection that stands by your side throughout your life. If you are ready to get a plan in place, your Symmetry agent can shop around to find you the best policy at the most affordable rate.

With video conferencing available, you can secure coverage all from the comfort of your home, and your agent will remain a trusted resource if you have any questions about your policy along the way. Let's get a plan in place today - request a quote for life insurance to get started.

 

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