Weddings…bridal showers…graduations…family reunions: All these joyous occasions are reminders of love and protection. Most people tie their happiness to the people they hold most dear.
So what is life insurance, but the ultimate gesture of love and protection? It’s a difficult but necessary topic of conversation
Studies by LIMRA™, a life insurance industry education and research association, show that there is a life insurance deficit in the U.S.:
- In January 2021, just 52% of consumers reported owning life insurance, down from 63% in 2011
- Overall there are 102 million uninsured and underinsured Americans who know they need (or need more) life insurance coverage
- 42% of Americans say their household would face financial hardship within six months should a wage earner die unexpectedly, and 25% would struggle financially within a month
- A third of consumers believe they would have to pay taxes on a life insurance death benefit and 4 in 10 aren’t sure. The reality is the proceeds from a life insurance death benefit are not taxed.
Life insurance is something you need to review whenever you have a life-changing event: marriage, divorce, children, or a new home. These events could trigger a need for additional coverage or require you to update your beneficiaries.
If you haven’t been doing an annual review of your life insurance, let your family events serve as a reminder to talk to your agent about your family’s needs. Your local insurance professional can help you compare term life insurance and permanent life insurance – either whole life or universal life – and find the right combination to fit your situation.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.