September is Life Insurance Awareness Month: Here’s What You Need to Know About Life Insurance to Protect Your Loved Ones

With the COVID-19 pandemic sweeping across the globe, 2020 has undoubtedly been a historic year, and one during which many of us have been forced to confront difficult situations.  For many of us, it’s been a year that has caused us to shift our financial priorities and has shown us how we can be better prepared for misfortune if it should land on our doorstep. 

One way to be better prepared for unexpected misfortune is to protect your family and loved ones by purchasing life insurance.  Life insurance provides a way to ensure that your family will be ok if anything should happen to you as the primary breadwinner in the home.  And today, life insurance can be surprisingly affordable, especially if you purchase a plan while you’re still young and healthy.

Symmetry Financial Group, a leader in the national life insurance industry, has been helping individuals of all ages to secure the protection and benefits that life insurance can offer for their families and loved ones. Our nationwide team consists of hundreds of licensed independent agents that are trained to help you discover the many ways that life insurance can help you secure your financial future, while also protecting your family against the possibility of misfortune or tragedy. Our agents are always on hand to help you select a comprehensive policy that will provide protection and peace of mind for years to come, at the lowest rates available on the market.

In celebration of September as National Life Insurance Awareness Month, we’d like to share a few facts about how life insurance can help you to improve your peace of mind as well as your financial outlook.  

Why should you consider Life Insurance?

Life Happens, a non-profit organization that focuses on educating consumers about how life insurance works to protect assets and loved ones, recently conducted a survey among individuals across the United States asking for responses on the effects that the COVID-19 pandemic has had on their lives. The survey also posed questions about how the pandemic has affected individuals’ views and opinions regarding life insurance and financial planning. They found that a large percentage of respondents reported that the pandemic has caused them to shift their financial priorities and consider the importance of purchasing life insurance as a means to protect their families and loved ones.

Among survey participants, 66% reported that the pandemic has helped them to better understand the benefits of life insurance, and 25% of those surveyed actually purchased life insurance for the first time in 2020 as a result of the pandemic. Moreover, 67% of respondents affirmed that the pandemic has acted as a wake-up call and inspired them to take a closer look at planning for their financial future.

Other studies conducted recently have also demonstrated that the reasons for purchasing life insurance have changed among respondents over the past several years. A study conducted by LIMRA, an international organization that focuses on research, consulting, and professional development, reported that between 2018 and 2020, the reasons for purchasing life insurance among respondents have changed. Whereas the need for coverage for burial and final expenses as a primary motivator declined in 2020, the study saw an increase in retirement saving as an incentive for purchasing a life insurance policy among respondents.

Overall, the primary reasons most often noted as motivators for individuals to purchase life insurance are: coverage for burial costs and final expenses, transferring of wealth and assets across generations, and replacement of income or lost wages, as well as supplemental income for retirement.

But many other individuals also noted that life insurance provides an opportunity to gain access to financial benefits that accumulate inside the policy’s cash value while they’re still living. This incentive has drawn increased interest as a result of the COVID-19 pandemic, as many people have found themselves making career changes or having to cover living expenses through new means.

How can Life Insurance provide benefits while you’re still living?

One option that can ensure living benefits is by purchasing policy riders that can be added on to your life insurance policy. These living benefit riders are becoming more popular because they provide access to benefits while policyholders are still living. These riders provide the additional peace of mind of helping to save for retirement or ensuring that your home will not be lost, or that your family will still be provided for if you as the primary breadwinner should lose your income or become disabled or critically ill.

Independent Symmetry Financial Group agents can help you to select not only the most comprehensive and affordable policy for your family, but also the living benefit riders that would best accommodate your individual needs.  When you fill out an online request for a life insurance quote, a licensed and experienced agent will contact you to help you select and customize a great life insurance policy by adding on the benefits that can best serve you throughout your life.

Life Insurance provides solutions for individuals at every stage of life

Symmetry Financial Group agents are trained to be fully familiar with a wide variety of life insurance products. They can advise you as to the best options for you and your beneficiaries.

Term life insurance

Term life policies are among the most affordable on the market. A term life policy typically provides coverage for a determined term length or period of time, typically ranging from 10 to 30 years. You can select the term length that best suits your circumstances. If you should die while the policy is in effect, your designated beneficiaries will receive a cash death benefit.

Mortgage protection insurance

Mortgage protection insurance is another affordable term life option that covers your monthly mortgage payments in the event that you can no longer make those payments as a result of death, critical illness, or disability. The policy term is usually set to the same length as your mortgage term, so coverage will be in effect until the mortgage is paid off.

Debt Free Life

Symmetry Financial Group also offers a unique Debt Free Life plan that uses the cash value of a life insurance policy to help you pay off your debts.  Rather than incurring more debt by borrowing from a traditional lender, a Debt Free Life policy helps you pay off debts over time, with the goal of liquidating all your debts within nine years or less, without spending any additional money every month. Once your debts are paid off, you can use the policy’s cash value to save up for retirement. And the policy also provides permanent life insurance benefits for your family in the event that anything happens to you.

Universal life insurance

A Universal life policy is designed to last for your remaining lifetime, rather than for a specified term. Universal life insurance provides a death benefit in addition to flexible premiums. Universal life policies also include a cash value savings that may be used as supplemental income or to help pay off expenses such as college tuition or relocation.

Choose the Best Policies from among the Nation’s Best Carriers

The advantage of purchasing life insurance through a Symmetry Financial Group agent instead of going directly to an insurance carrier is that Symmetry agents have access to more than 30 of the nation’s top-rated insurance companies. This means that Symmetry Financial agents can help you select the most affordable and comprehensive plans available from a wide variety of options, also helping you to personalize your policy with add-on riders to provide the comprehensive coverage that is best suited for you and your family.

If you are ready to protect your family with life insurance while working toward securing a brighter financial future, your best bet is to fill out our simple online application to request a quote. A Symmetry Financial Group agent will contact you to help you purchase a great plan, while also shopping around on your behalf to help you secure the best policy for your family at the most affordable rates.

You can even purchase a plan from the comfort of your own home.  Our licensed agents can communicate with you through video conferencing platforms so that you don’t have to leave the comfort of your home or office.  Upon learning about your specific circumstances as well as your financial goals, your agent can help you to secure coverage as well as living benefit riders if you need them in order to suit your individual circumstances.  Your Symmetry Financial agent will get to know you and your needs, and is committed to remaining a trusted resource for you if you should have any questions or wish to make any changes to your policy as your circumstances in life change. 

Don’t wait any longer to secure a life insurance policy to protect your loved ones so you can have peace of mind, while also improving your financial outlook. Request a quote for life insurance from Symmetry Financial Group today, and get started on your journey to a more secure financial future for you and your family.