Who Owns More Than One Life Insurance Policy?
It is raining outside and your car is parked at the back of the lot, about ¼ of a mile away! You are lucky because you have your rain coat on and your umbrella in your hand. You are prepared. And as you step into the foyer, you hold your umbrella with confidence in your hand and push up the latch so it is fully extended and completely opened. As you step outside, to your dismay, the rain pours completely on your head. The holes in your umbrella left you soaked. You needed more protection from the rain and you didn’t even know it.
Believe it or not, life insurance is the same way. Most people believe that if they have a policy, they don’t need another one. However, most individuals are leaving themselves exposed to the financial challenges if they, or someone they love, passes away. Here are some interesting facts:
- 52% of PFP | The Family Security Plan policyholders have more than one (1) life insurance policy and
- 11% of PFP | The Family Security Plan Policyholders have more than five (5) life insurance policies.
Where do you stand? If you have only one policy, (that is 48% of policy owners of PFP | The Family Security Plan®), why would you need more? Here are several reasons to consider:
- You are married or live with a life partner.
- Salary increases create a need to replace higher income.
- Adding children to the family increases financial responsibility.
- Home-ownership leads to mortgage and bills.
- As you age, you can afford more insurance and can purchase more insurance.
- Buying a car and having a large loan attached to the purchase.
- Adding grandchildren to the family increases financial responsibility.
- If you have dependents and you want to protect their lifestyle.
- Protecting the dreams of your children like college and education.
- Developing a desire to leave a financial legacy to your family.
- As one approaches 75 years old, needs exist before age limitation are triggered.
- Lifestyle changes with partner (ie. Going from two income family to a one income)
It is rare indeed for a person to purchases life insurance, in one shot, to cover all of their present and future life events. That is why PFP | The Family Security Plan® reaches out to our policyholders each year for an annual review. One of our policyholders (who owns 33 individual policies) has purchased individual protection on their entire family, including each of their grandchildren. The Annual Review program, which is truly rare in the industry, is the gold standard for PFP | The Family Security Plan® representatives connecting with our community and learning about its individual needs.
Give us a call and give us a chance to learn about you and your family. We want to make sure you have the life insurance coverage you want, need and can afford.
We are here for you!
PFP | The Family Security Plan® has been working in the credit union movement since 1973 and remains committed today to unite the nationwide community by bringing valuable information about the lives of over 400,000 credit union members who know us, like us and trust us to provide them and their families the foundation for a secure future.
Let us help provide peace of mind for your family. For more information on PFP | The Family Security Plan® portfolio of supplemental insurance products, visit us at www.familysecurityplan.com or call 855-789-4976 to speak with a dedicated PFP | The Family Security Plan Representative.
Written By: David J. Sussman, Esq, CLU