Lessons to be Learned

Lessons to be Learned

January 13, 2022

Since March 2020, when Covid-19 reared its ferocious and ugly head, over 825,000 Americans have died from the disease. I am relieved that so far, none of them was a client of mine.

Prior to Covid-19, life expectancies around the world were increasing, but that has changed.  U.S. men saw life expectancy fall by nearly 2.3 years, from about 76.7 to 74.4. Women lost more than 1.6 years of life expectancy, from about 81.8 to 80.2.

Here’s a tough question to ponder:  If this year Gabriel blew his horn for you, would your family, business, favorite charity, or church suffer an economic loss? If the answer is “no,” then congratulations for your financial achievements. If the answer is “yes,” perhaps we should have a conversation about life insurance and long-term care insurance?  You might be surprised to find the availability and cost more reasonable than you expected, even for a “mature” person or a person with a few health issues.

And it is not just “old” people who are dying.  J. Scott Davison, the CEO of OneAmerica Life said last week, the death rate of people ages 18 through 64 is now 40% higher than normal, and well above what the life insurer had believed to be the 1-in-200-year-event level.  “We’re seeing right now [the] highest death rates we have ever seen in the history of this business,” Davison said.

Among younger people, a large percentage agree they should buy more life insurance, but most are unsure about the cost and the process.  There is a common misconception that life insurance is more expensive than it really is.  A healthy, 40-year-old, non-smoking male can buy $500,000 of 20-year term for just $30 a month.  A healthy, 40-year-old, non-smoking female is just $25 a month for the same $500,000 policy.

Another question for you to consider.  Do your adult children (the parents of your grandchildren), have enough life insurance?  As a concerned parent, you might delicately ask them that question, and if the answer is “no,” let them know the Covid world has made it amazingly easy for them to get the life insurance they need. In most cases, the application is 100% digital, and amounts up to $3,000,000 will not even require a physical exam or fluids. Couldn’t be much easier.

If you ask them the question, and the answer is “no,” please have them contact me and I’ll help them get the coverage they need and can afford.  Alternatively, send me their contact info, and just let them know you’ve asked me to call them.

As I mentioned earlier, there is a heightened awareness of the precariousness of life and of the need for life insurance and long-term care insurance. I’m proud to say I helped over 100 people get new coverage in the past 12 months. Let’s learn from the tragic lessons of the past two years and protect our families and loved ones from the increased risk that now exists in our world.  If the need is there and the opportunity is right, I’d like to be of help to you and the people you love.

My Best,