Being that we don’t have a “real” job that pays benefits, agents must seek these “perks” out for themselves. We need health insurance, life insurance long term care and disability insurance. While I am neither an insurance salesman nor do I consider myself an expert in the field, I do surround myself with knowledgeable people. I also have my “needs” analyzed by financial planners who don’t sell these insurances or recommend someone who does. This impartial opinion of what is necessary is invaluable!
My most recent disability statement has a “Did you know…” section that says that “48% of all home foreclosures are the result of disability”! This information didn’t come from a self serving insurance agency study, this comes from the Housing and Home Finance Agency of the US Government, from a 1998 study! Furthermore, “during the course of your career, you are three and a half times more likely to be injured and need disability coverage than you are to die and need life insurance.”
If you have family that will be dependent on you if you were to die, and you contribute to the household income, you need life insurance. I’ve been told that you don’t need a crazy amount of life insurance, and should you die, the payout doesn’t need to be like winning the lottery for your survivors, but you should calculate how much you spend now, subtract the expenses that you would incur (like your car and other expenses) and then calculate how many years of living expenses your survivors would need (keeping college and related expenses in mind if you have children).
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