As a new year is upon us, many people are hard at work with their new year’s resolutions. Forbes Health surveyed 1,000 adults and the top resolution goal with around 48% was the goal to improve their fitness. Additional resolution goals from the survey included improving their finances, improving their mental health, and diet, and losing weight.
In addition to these new year’s resolutions, it is important to make it a priority to have an annual insurance renewal. Take the time to make sure you have adequate limits of liability in place, that all insured drivers are listed, and that all the vehicle coverages are appropriate with the current situation and life goals you have. Even reviewing vehicle usage, mileage, and lien information is crucial when it comes to rating. Also, it is essential to inform your independent agent of additional upgrades or renovations to your home such as a new roof or heating system which can impact your homeowner’s insurance.
Besides making it a top priority to have a Home and Auto Insurance renewal, we often forget about the importance of Life Insurance. According to the past 2021 Barometer study, the top five reasons for not owning life insurance included:
- It is too expensive (81%)
- Other financial priorities right now (75%)
- Not sure how much I need / what type to buy (65%)
- Have not gotten around to it (62%)
- Do not like thinking about death (51%)
Nonetheless, in the more recent 2023 Insurance Barometer Study it shows a record-high proportion of consumers (39%) who say they intend to purchase life insurance coverage within the next year. The intent to buy is even higher among Gen Z adults (44%) and millennials (50%). Here are five reasons why life insurance is worth purchasing:
- Life Insurance can cover final expenses such as funeral costs, estate fees, unpaid death and more.
- Life insurance can help pay off debt and monthly living expenses for those you leave behind. Medical bills, mortgage bills, auto loans, or even education debt can all become a financial burden for those you leave behind without your financial contribution.
- Life policies can help supplement your retirement savings.
- Plan for the future. If you have dependents or children, life insurance can help pay for your children’s college.
- Donate to charity. Life Insurance can help you to make a charitable contribution to a cause you support.
Make it a resolution to purchase life insurance this year. Contact Paroubek Insurance at 920-347-9115 and discuss your options today.
Sources:
Erie Insurance Auto-Owners Insurance Lifehappens.org Limra.com