Your Insurance Matters: Time Bombs

Your Insurance Matters
Time Bombs
by Shirley R. Lamdan, CLU, Hagerstown, MD

Walking time bombs. These can be found in so many situations today where there is no safety net, no margin, no wiggle room for the countless "what-if's" that life may bring. For example, there are too many individuals without life or health insurance or sick leave or retirement plans.
Today, I'd like to focus on the necessity for life insurance.
It's true that people are living much longer than anyone could have dreamed possible. Just this past week, The Wall Street Journal reported that newborns in wealthier countries are projected to live to age 100!
At the same time, in the United States, there is still the very real risk of premature death between ages 24 and 64. For males, that risk of dying before reaching age 65 is now 1-in-6 or almost 17%. There is a 1-in-9 or about an 11% chance of not reaching retirement age for females.
What do these numbers mean -- in a real, practical sense?
Young men from ages 25 to 44 risk dying from accidents and homicides. Between ages 45 and 65, their leading causes of death are heart disease and cancer.
Young females from age 25 to 34 experience accidents and homicides as leading causes of death. Cancer is their major cause of deaths between ages 35 and 64.
Still, people in these age groups tend to deny these probabilities. After all, no one likes to think about the actual risks confronting them.
For myself, in real people terms, these statistics translate to six premature deaths that I, personally, know about: three from cancer, two from accidents, and one from AIDS. All of them, except for one, passed away before age 50. One of the cancer victims was in his early 20's.
I'm certain that everyone between ages 25 and 64 knows of someone who has passed away tragically, prematurely, and unexpectedly.
People with dependents do need to acknowledge their mortality, if only enough to put life insurance in place -- and enough of it -- to take care of their family responsibilities.
Tight budgets need not prevent life insurance -- 20 or 30 year term insurance, for example - and enough of it - from being placed in force. Shopped aggressively with an independent life insurance professional, it is very affordable!!
If you have health issues that concern you or if you have been declined by one or more life carriers, may I urge you to consult an independent life insurance professional! He or she will "shop" with as many companies as necessary to obtain the best possible offer for you.
If you are a parent or grandparent, you may have to take the lead. You might have to volunteer to pay the life insurance premium until the family can make the payment or until they acknowledge their responsibility for carrying the protection. Otherwise, the walking time bomb could explode and cause financial catastrophe.
Husbands and wives and grandparents need to tell each other about the life insurance they have put in place. That is, they should communicate that there is a life insurance contract in force and with what company and where the paperwork can be found. Not to share the information with one another could result in needless anxiety and delays at some point in the future.
In practical, real life terms, it boils down to love, a sense of responsibility, and willingness to part with a few dollars each month to guarantee your loved ones a future without financial time bombs.

Since 1982, Shirley R. Lamdan, CLU of Hagerstown, MD has been serving individuals, corporations, and nonprofits with independent retirement and insurance services. She can be contacted at 301-791-9427 and slamdan@lamdanselect.com.