PROTECTING WHAT'S MOST IMPORTANT!
The Portee Insurance Agency is very diligent about helping customers with auto and home insurance. We explain coverage, we answer billing questions and we have very interactive discussions about the cost of insurance. All of these talks are very important and necessary. But, one other area of protection that our Agency is acutely aware of is Life Insurance protection. Helping our customers provide for their loved ones in the case of a pre-mature death is possibly the most important thing we do. Plus, we know that this type of protection will be used one day to help love ones continue financially and/or pay for final expenses. Some of our customers feel overwhelmed by such a personal decision.
A MetLife study underscores the need for life insurance. Widows and widowers suffer a long term financial toll after the premature death of their spouse, underscoring a need for greater consumer awareness about personal life insurance, according to the MetLife study. MetLife says its research study, “Financial Impact of Premature Death,” paints a disturbing financial picture from the point of view of surviving spouses, including:
- Two-thirds of spouses (65%) reported that the death had a “devastating” or “major” financial impact on the families’ financial security.
- More than one third (39%) of surviving spouses received no life insurance proceeds at all.
- Two-thirds of spouses who did receive life insurance benefits, received proceeds that were less than three times the annual income of the deceased. One in four beneficiaries also received benefits that replaced less than one year of the deceased’s income.
- Less than half (46%) of the spouses who received life insurance proceeds described the amount of coverage as “adequate.”
- Nearly half (46%) of deceased spouses did not have a will.
In addition, many families were required to make significant financial adjustments, including working additional jobs, longer hours, withdrawing money from savings accounts and investments; moving to smaller, less expensive housing, reducing spending on their children’s education; and borrowing money.
The study consisted of 1,000 widows and widowers. Participants lost a spouse within a period of 6 months to 5 years prior to the survey and the deceased was between 30 and 55 years old.
Vicky Edwards, a dedicated staff member in the Portee Insurance Agency and a mother of 11 year old twin daughters, totally understands the importance of life insurance. Vicky was responsible for five (5) of our customers obtaining life insurance during the month of April, 2014. Her message was simply that as the breadwinner in their homes, their family depends on them whether they are here or not.