Thursday, September 13, 2007

September is Life Insurance Awareness Month: It's Time to Stop Gambling with Our Families Financial Futures.

Do you ever wonder what would happen to your family, if something happened to you? The thought is so scary and hard to think about, that a lot of us have decided that the possibility of this is unlikely and it is easier not to deal with the issue at all. Unfortunately there are many times when this solution does not work.

If you have found yourself or a family member in this situation, you know all too well, how true this is. Without the financial means to continue through life without a loved one that you were financially dependent on, the ability to deal with such a significant loss becomes even more difficult.

Gambling has become a popular pastime in America. Consider the craze over the multi-state Mega Millions lottery. Every time the jackpot rises to eight or nine figures, millions of Americans run to their local convenience store for a chance to become the next mega millionaire. Their chance of winning? About 1 in 175 million. The good news: the consequences of losing aren’t usually very severe, since the average investment is only a few dollars.

Contrast that to the financial consequences of dying prematurely and not having adequate life insurance protection. The outcome can be dire. Bills pile up quickly. Mortgage or rent payments get missed. Families are forced to find cheaper housing. Education plans are put on hold. Dreams get dashed.

What’s most frustrating is that all of this financial suffering is avoidable with proper insurance planning. Then why do three in ten adult Americans have no life insurance at all, and most of those with coverage have far less than experts recommend? The answer is simple. We’re a nation of gamblers. But in this particular case, many Americans are taking a bad bet.

Ask a 35-year-old man what his chances of dying are in the next 15 years and he’ll probably say, “Pretty slim”. Actually, he’s right. About 95% of men that age will live beyond their 50th birthday. But of the nearly 2.1 million 35-year-old US men, consider how many won’t live that long. 21,126 won’t live to age 40, 52,817 won’t make it 45, and nearly 100,000 35-year-olds (or 1 in every 21) won’t live to see their 50th birthday.

Most Americans don’t fully appreciate the gamble they’re taking by not having adequate life insurance coverage. The chances of dying too young are much greater than most people realize and life insurance protects your loved ones in case the unexpected happens.

For more details on life insurance or to schedule a no-cost, no-obligation appointment with Financial Network Registered Representative, call 630-983-2310, fill out our request form, or email us today. And watch for upcoming announcements on our no-cost financial seminars.

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