Life Insurance and Living Paycheck to Paycheck

If you are living paycheck to paycheck and don’t have life insurance you… I can’t think of a polite way to finish the previous sentence. I can hear your thoughts whispering, “I can’t afford it.” Which is simply not true, and ironically is the reason you NEED life insurance. Unlike the top 10%, most people do not have stocks, houses (without mortgages), art, collectables, or land to leave behind. And thus ensuring the culture of poverty will continue into the next generation.

What would happen to your family if you did not make it home today? Would your family lose their home? Could they afford a funeral? How financially vulnerable is your family without you? Is your family facing the same realities of most of America’s households?

According to a Google survey of more than 5000 adults for finance website GoBankingRates.com, 62% of Americans have less than $1,000 in their savings. In addition according to a recent study from Pew Charitable Trust used in an article for CNNMoney, 70% of people born into poverty will remain impoverished their entire lives.

Which brings me to the main point of this article. Regardless of your budget, one must prepare for the unexpected. This is particular important in economically depressed families. Coverage is available for as low as $15 a month, in some cases less. I could get into the various types of policies including savings based life insurance, but what would I have to discuss when we speak?

Steve Isidor
Personal Insurance Adviser
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