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3 Reasons to Give Life Insurance a Second Look

3 Reasons to Give Life Insurance a Second Look

August 03, 2021

The COVID-19 pandemic has changed so much of our world, from day-to-day activities to long-range plans. But one thing hasn’t changed: the need for life insurance. If you have put off getting it—or more of it—here are three reasons to take a closer look now.

  1. Life insurance offers financial protection.

And it can be your family’s financial bedrock, providing protection against unforeseen events. Unfortunately, many Americans are uninsured or underinsured: Just 50% of Americans own a policy, according to the 2020 Lincoln Financial Group Life Insurance Awareness Month Survey.

The COVID-19 pandemic, however, has put the value of life insurance back into the spotlight. More than a third of those surveyed said they think life insurance is more important to own now due to the pandemic, while a third also said they have or are planning to purchase new or additional life insurance.

  1. There’s more to life insurance than you may think, including living benefits.

The top reasons people cited in the survey for purchasing life insurance were to cover funeral related expenses and to replace lost income to their family.

That makes perfect sense. In its purest form, as a source of income replacement when someone dies, the tax-free death benefits of life insurance ensures your loved ones are taken care of so they can payoff final expenses and debt.

But there are policies that also provide “living benefits” that can address holistic financial needs such as:

  • Providing supplemental retirement income
  • Paying for long-term care expenses
  • Protecting a business
  1. Applying for life insurance may be easier and less expensive than you think.

The top two obstacles people cited for not having life insurance were the cost and competing financial priorities, according to the survey. But life insurance can be affordable. In fact, if you’re healthy, you may be able to get term life insurance coverage for less than your monthly utility bill or the amount you spend each week on your daily morning coffee. The wide range of options available mean there is a policy to fit different budgets.

Technology innovations are also transforming how we buy life insurance. 40% of Millennials surveyed said they would be more likely to purchase life insurance if they could do so completely electronically. This is already possible! You can receive a quote and apply for a policy online, and then have the policy signed and delivered electronically. Many insurance companies even offer the opportunity for healthy individuals to bypass underwriting labs. Today, policies can potentially be issued in as little as 24 hours.

While the global pandemic has increased awareness around the need for life insurance, life insurance should always be viewed as an important financial planning tool that can help families build, manage, protect and pass on their assets and legacy.

If you’d like to discuss your financial goals and objectives, and if life insurance is right for you, the experts at Krietzberg Wealth Management can help.  Call 732-383-2064, or email


Curtis Krietzberg and David Krietzberg are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. It is not our position to offer legal or tax advice. Krietzberg Wealth Management is not an affiliate of Lincoln Financial Advisors.

CRN: 3412269-011921

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Lincoln Financial Group survey conducted by ENGINE INSIGHTS July 17-19, 2020. The views expressed are those of the author, Stafford Thompson, Jr., as of the date specified. LCN: 3246616-091720.