September is Life Insurance Awareness Month and there’s a familiar face taking the role of the national spokesperson. Anthony Anderson, who is both the executive producer and star of ABC’s hit show, Blackish and also hosts one of the Food Network’s most popular shows, Eating America, is using his own personal story of why life insurance is such an important element in our planning purposes.
Mary the Life Insurance Lady
Anderson tells the story of his childhood in Compton, California. He said his family wasn’t wealthy, both parents worked and times were sometimes hard. His mother always had one person she looked up to, Mary, the insurance lady. Mary was a fixture in his family’s home. She made house calls a few times a year in order to ensure the policies were in line with the family’s needs. In fact, Anderson explains, she sold him his very first life insurance policy when he was just 18 years old. “Even on their limited income, my mom and dad instilled upon all of us the importance of planning for the future and the fact that tomorrow isn’t promised to anyone,” Anderson said.
Unfortunately, he also witnessed firsthand the unpredictability of life. He lost his brother at 26 and his father passed away shortly after that. The life insurance policies helped tremendously by relieving some of the financial worries for his mother.
His reasoning makes perfect sense. He may have wondered about the coverage early on, but Anderson realized that he wanted to continue being covered. “Once I got the policy and got older, I was like, ‘Wait a minute. This money isn’t for me — it’s for somebody else if something happens to me,” he says. “That’s how I learned the importance of life insurance. It’s about taking care of the loved ones you’ll be leaving behind in the event of your death.”
Life Insurance Facts
According to the 2015 Insurance Barometer Study, conducted by Life Happens and LIMRA, the majority of Americans say there are other financial priorities ahead of life insurance. Unfortunately, most – up to 80 percent – also overestimate the costs of a policy. The survey revealed that in some instances, they overestimate the cost by more than 200 percent.
More than 40 percent of the adult American population has no life insurance policy that will care for their loved ones should they die. That comes to more than 100 million Americans.
As estate planning lawyers, we know life insurance policies are as important as your last will and testament. They’re also versatile and can be used by family members to cover taxes on their inheritances, among other things. We invite you to contact DeBruyckere Law Offices at (603) 894-4141 or (978) 969-0331 to learn more about just how affordable life insurance is, the many benefits it provides and other estate planning methods that can protect your family. With September being National Life Insurance month, this is a great time to review your policies or to consider purchasing a policy.
To learn more about Life Insurance Awareness Month, visit the Life Happens website. You’ll find beneficial videos, newsletters and more from Anthony Anderson’s interview.
Latest posts by Daniel DeBruyckere (see all)
- How Do I Include Cryptocurrency in My Estate Plan? - December 10, 2019
- I Received a Crummey Notice. What Does It Mean? - December 5, 2019
- Holiday Scams and How to Avoid Becoming a Victim - December 3, 2019