This post is sponsored by SLBI @SavingsBankLife, however, all opinions and experiences expressed are that of my own.
I attended a life insurance virtual briefing with SBLI last week and a lot of the information stuck with me, today I share with you that information and invite you to participate in a live Twitter Party with myself and other panelists to discuss life insurance. Before the virtual briefing with Ernest P. Valliere, CLU, ChFc, I knew a little about life insurance. My main education was with corporate employee benefits life insurance, not with any private life insurance carrier. There are 8 myths about Life Insurance and I honestly believed most of them before attending this briefing;
- Buying Life Insurance is a hassle
- You only need it if you have kids
- Insurance Policies are all the same
- Buy it once and don’t think about it again
- Life insurance through work is enough
- It’s too hard to talk to my family about dying
- Only Primary Breadwinners Need it
- I Can’t Afford it
Did you or do you believe any one of those myths? I know that I felt I didn’t need Life Insurance before having children, I know that I felt Life Insurance is too expensive for me and I felt that once you buy it, you never think about it again. Those are the three myths out of the eight that I believed to be true.
Buying Life insurance doesn’t have to be a hassle, at Savings Bank Life, their agents work with you to get to know you and your needs. Each agent at SBLI has been trained to work within your budget and needs, they do a lot of question asking and you do most of the talking as they listen to determine what type of Life Insurance may be best for both your needs and budget. It doesn’t matter if you have given birth to children, adopted children or have another adult dependent upon you – if you are financially supporting of anyone in the world, then you need Life Insurance to protect them should the unexpected and unthinkable happen. There are many different life insurance polices; most specifically there are Term Life and Whole Life plans, which one you should get will be determined upon speaking with a Savings Bank Life agent.
Term Life – Offers coverage for a period of time, great for those who know they may be passing within a 10, 15, 20 or 30 year timeframe. Lower premiums than Whole Life. Think of Term Life as renting a home versus owning a home.
Whole Life – Offers coverage for your whole life, until the day you die. Higher premium payments than Term Life, that are locked in after a period of time. Build cash value that grows without being subject to taxes. Ability to borrow from the cash value as you see fit. Think of Whole Life as buying a home versus renting a home.
I know that we discuss Life Insurance all of the time since the house was purchased by my fiance over a year ago. My three children and one of his children live with us, we are not married but we went into this home together, he may be the owner, but we built all that we have together in the last year and half together, side by side as if we were married. Life Insurance has come up a lot, as I am the proactive type of person and as much as I can dream and hope, I am also very down to Earth realistic. I know that I depend upon a lot of his income and while I could survive without him, it wouldn’t be as comfortable for the children and me as it is now. That is a sad reality, and as hard as it is to think about for some, you need to think ahead because anyone can die at any time, irregardless of age and health, I know I would rest easier knowing that our children are set for their life should the unthinkable happen.
How Can you Learn More to Ensure your Family is Covered with Life Insurance?
Check out this No Nonsense Life Insurance Quick Guide {viewable on most devices, including mobile}
Share this post with your family, to open the discussion that may have otherwise been difficult to mention.
Attend the #LifeProtected Twitter Party on September 16, 2014 at 1pm Eastern to 2pm Eastern.
What: Join us for a Twitter party to raise awareness about the importance of life insurance!
Details: This September marks the 10th anniversary of Life Insurance Awareness Month. This year, we’re celebrating with a Twitter party to dispel eight myths commonly associated with life insurance and share tools to help you assess your life insurance needs. We’ll also be sharing tips on ways to have that important conversation – we call it the No Nonsense Conversation™ – about your family’s financial security.
Win Prizes: We will be giving away five prizes to randomly selected winners. Five winners who answer trivia questions during the party will receive $50 VISA gift cards!
Where: We’ll be on Twitter – follow the #LifeProtected hashtag to track the conversation. You can see the details and RSVP via this Twtvite: http://twtvite.com/
I have life insurance, but it’s for my kids father if anything should happen to me. My poor husband will get squat 🙁
I have a policy that I bought a year ago. It was so important, and I actually purchased it while I was unemployed (so it was also affordable!)
It’s important to have life insurance. This was instilled in me from an early age since both my parents worked for the same life insurance company. The Hubs and I are covered in case something were to happen.
My husband is the only one with life insurance. This sounds like a great educational twitter party!
Life insurance is definitely something i’ve thought about but I need to act on it. thanks for the great tips!
Rob and I dedid our Life and ADD insurance recently. We had to really think about how much was needed to sustain our family if one of us were to pass away
My husband did have life insurance through his employer before he started school. While he was in school he worked part time and did an externship so we had no means for insurance. Now, hes working per diem and we arent getting any younger.
Thanks for the great information. I’ve reached that age where I’m thinking about life insurance now. I think I’d rather pay a little more for whole life insurance. It seems like a better value.
Deciding on the right type of life insurance can be tricky. Term life is cheaper, but whole life is a better value, I think.
A lot of people don’t think of life insurance. Nice to have the twitter party.
Thinking about things like life insurance is advance is so important. You never know when something could happen.
Life insure is definitely very important. But it’s definitely tough picking the right plan for you and your family.
It is always a good idea to get life insurance. You never know what can happen. It helps take care of your family
Great info on life insurance! It’s so important to have it.
I think everyone is concerned with affording life insurance. I would want to know my family can breathe easier
This looks like an awesome party. I’ll try to make it by.
Life insurance is really important. I think you understand that the older you get. Sadly, some of the younger crowd didn’t get catch on… Don’t let lie take you by surprise, be prepared!
It is definitely a topic to think about. Thank you for the party info, will try to be there!
It is unfortunate that most people don’t think of life insurance until something horrible happens. It is so important to have and gives you peace of mind that your family will be taken care of if something should happen to you.
Luckily, we have life insurance. Happy to have the insurance to give us peace of mind.
Life insurance is so important to have. You don’t want to leave anyone trying to figure out how they are going to pay your final expenses when you are gone! My nephew’s dad just passed away at 25 and didn’t have any insurance. You just never know how soon your time is going to be up, so it’s better to get prepared as early as possible.
Great info! Life insurance is so important I know we’ve talked about it a lot and my hubs has some thru work… For us I’m just not too sure all specifics but I think it’s important for everyone
Sadly missed the twitter party!
Good explanation of different types of life insurance policies. My husband procrastinated about life insurance till the day he died. I have finally reached the point where I don’t feel guilty telling others that he left me with happy memories and a lot of debt and unsettled business. Term life is an excellent solution that is far better than nothing.
I agree with all of the above. My husband just got signed up and now I need too as well.
I took out policies on both my husband and I when I was pregnant with our first child. Having the piece of mind is so nice. I highly recommend life insurance to everyone. I know it’s something no one ever wants to talk, or think about, but it’s necessary.
Thank you for sharing all of this information on life insurance. We really need to do more about this. We’ll for sure check it out further. Sorry though, I can’t make the twitter party! Have fun.
I did believe a couple of those myths. I hope you had a fabulous turnout!
Life INsurance is one of those things that can get confusing fast. It was so nice to sit down and talk to an agent!
Life insurance is so so important. For a really long time, I thought that I only needed it on my hubby. But now me and my kids have it too.
I won’t lie – I totally believe those myths. I know I need to get over it though and just get it done.
I really need to get whole life ins. Would be really helpful in case. I’m going to join the party sounds like a great place to become better educated on these topics.
Life insurance is definitely a necessity. I make sure to have plenty of coverage so my family doesn’t have to worry about things if something happens to me.
Life insurance is so important – a must have for everyone! Sorry I missed the Twitter party 🙁
When Frank and I get married, we’ll be getting life insurance. Thanks for sharing this article.
Life insurance is definitely something everyone should have. We lost my FIL last year (actually a year ago today) and they had cut back their life insurance. Well needless to say it took all of it for funeral expenses. It is important to make sure you have adequate coverage.
You are so right, we should have life insurance. We have three kids and I have yet to get my own plan.
I have had many people tell me that I am morbid because I talk about things like when I die openly. I guess it’s because I was exposed to it so young. We had to do very little planning when my Dad passed away when I was a teen. He had everything to which suit and tie he wanted to wear already written down. I want to make it as easy as possible on my family like he did too.