A new house, a shopping spree, the latest smartphone, an island getaway vacation -- sure, these are all fun ways to spend your hard-earned money, but make sure you're getting your priorities straight. In a tragedy, would your cable TV or brand new car protect your family's financial future?
Millenials and Gen Xers believe that it's more important to pay for things like internet and cable, vacations, shopping and eating out, and new cars, homes, and boats than to purchase life insurance, according to a 2015 study from Life Happens and LIMRA (Life Insurance Marketing and Research Association).
Of course, many people of these generations also recognize the importance of setting aside money for things like college savings funds, mortgage and groceries, paying off debt, and retirement, the study showed.
However, one vital piece of this financial puzzle is missing. What if you or your spouse passed away, or suffered a severe injury and could no longer work? How soon would you feel the impact of this loss? The income you rely on for all of these things -- from your iPhone to your home -- would disappear. Unless you make life insurance your top financial priority.
Don't let the cost of life insurance scare you away. In fact, most people are unaware just how affordable life insurance really is. And when you need them, the benefits will greatly outweight the costs.
Contact a Catholic Financial Life advisor today to learn how you can make a life insurance plan or more life insurance coverage the most essential part of your family's financial future.