What's to l-o-v-e about life insurance?

What's to l-o-v-e about life insurance? According to LIMRA’s 2024 Life Insurance Barometer, American consumers have indicated in recent studies that their top financial concerns include having enough money for a comfortable retirement and savings for emergencies.¹ What if we told you life insurance had the potential to solve for these concerns. Let’s take a look at some reasons to LOVE life insurance and what it could do for you.

L – Low cost

Many don’t realize that life insurance doesn’t have to break the bank, a policy out there that can fit your financial situation. Did you know that the average annual cost for certain term life insurance policies is around $200?² While affordability might be important when considering life insurance, it’s also important to look beyond the price. What benefits does this policy include? How can it help me financially in the long term?

O – Options

Life insurance policies policy with flexibility can be important. We know our clients have individual needs and financial goals. And, as your life changes, your needs may change as well. Many policies have different features such as living benefits⁵, cash value growth potential, and benefits you can use while you’re alive that may fit your unique life needs.

V – Various life stages

As you go through the different stages of life, your financial needs and goals can change. Whether you’re graduating college, getting married, buying a house, starting a family, or planning for retirement, all these momentous occasions may require more financial responsibility. Life insurance can walk alongside life with you and help you during these special milestones.

E – Extra protection

Studies of cancer survivors have suggested that some survivors spend around 20%³ of their annual income on medical care. Furthermore, some survivors have to use savings to finance medical expenses and between 2% and 34% have borrowed money to pay for their care or have medical debt.⁴ While the main benefit of life insurance is death benefit protection it provides, many policies also come with living benefits⁵, which may be used for a variety of expenses—including covering the costs of a major medical illness.

Contact your Midland National agent to learn more about what a life insurance policy can do for you today.

¹ Source: 2024 Insurance Barometer Report, LIMRA. July, 2024. https://www.limra.com/en/newsroom/news-releases/2024/u.s.-life-insurance-need-gap-grows-in-2024/

² Source: LifeHappens, https://lifehappens.org/life-insurance-101/what-is-the-average-life-insurance-cost/

^3,4 PDQ® Adult Treatment Editorial Board. PDQ Financial Toxicity and Cancer Treatment. Bethesda, MD: National Cancer Institute. Updated May 29,2024. Available at: https://www.cancer.gov/about-cancer/managing-care/track-care-costs/financial-toxicity-hp-pdq. Accessed January 1, 2025

⁵Accelerated Death Benefits are subject to eligibility requirements.

Insurance products issued by Midland National, West Des Moines. IA. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options and limitations by product and state.

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