"Life insurance is one of the most important investments we can make in our lifetime—specifically, when we aren't prepared for the financial impact that comes with the unexpected loss of a family member," said Abercrombie. "A family member's loss is tragic enough and, when that person is an income-producing family member, the emotional loss can have an even further negative impact by the financial loss."
According to LIMRA's research, half of U.S. households feel the financial impact from the loss of their primary wage earner in a year or less, and more than 40 percent do so within the first six months. If an individual would need help paying for expenses upon this type of loss, Abercrombie says they should consider supplemental life insurance coverage.
Recent statistics from LIMRA's 2016 Insurance Barometer show that 64% of consumers do not want to purchase life insurance because they feel that it is too expensive. And at the same time, research shows that nearly two-thirds of Americans say that paying for their mortgage, groceries, and electric bills are preventing them from buying some or more life insurance.
"Many people overestimate the cost of life insurance with LIMRA's research finding that some people estimate the cost to be more than twice of what it actually is. In reality, life insurance is more affordable than a lot of people think," said Abercrombie. "Having life insurance helps pay for utilities, mortgage, groceries, and other living expenses that are left after the passing of a loved one. It provides 'peace of mind' in a time when it is often needed most."
Features and benefits to look for when considering the purchase of a life insurance policy include:
- An insurance company with an established history, financial stability, and a high rating by insurance industry rating organizations
- A flexible plan that can be tailored to the needs of an individual or family
- A plan that provides for benefit payments to be made directly to the insured or insured's designee
More information about Life Insurance can be found here: https://www.combinedinsurance.com/us-en/Individuals--Families/Our-Products/Family-Life-Protector.aspx
Combined Insurance has an A+ rating by the Better Business Bureau, and an A+ (Superior) financial strength rating by A.M. Best, one of the world's top insurance rating firms. The company has also been recognized for six consecutive years on Ward's 50® Top Performing Health-Life Insurance Companies list.
About Combined Insurance
Combined Insurance Company of America (Chicago, IL) is a leading provider of individual supplemental accident, disability, health and life insurance products and a Chubb company. With a tradition of more than 90 years of success, Combined Insurance is one of Ward's Top 50® Performing Life-Health Insurance Companies and was named the number one Military Friendly® Employer by G.I. Jobs magazine in 2015 and 2016. Combined Insurance is committed to making the world of supplemental insurance easy to understand. For more information about Combined Insurance products, career opportunities or to contact a local sales agent, call 1-800-490-1322 or visit www.combinedinsurance.com.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.
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SOURCE Combined Insurance