Financial Disaster: Did You Know?
Did you know that 58 percent of people in Miami-Dade and Broward counties spend more money than they earn? If you don’t find that alarming enough, what happens if you suffer a heart attack or are diagnosed with a critical illness? If you are living check by check, you are going to end up struggling financially.
Here’s another statistic; more than 40 percent of Americans don’t have any form of life insurance coverage. And I am a part of that, because that happened to me. My father did not have life insurance. He passed away when I was 12 years old, and leaving us without financial stability.
So, most people need life insurance in order to cover either a critical or chronic illness. Otherwise you will not be able to cover these expenses simply because you don’t have enough money in savings. Another way to look at it is, the reason why we need life insurance is because you don’t have a year’s worth of your salary saved to cover these circumstances. That’s why you need life insurance with living benefits.
If you die, it is simply obvious that you need life insurance to protect your loved ones. If you leave your family behind without proper financial planning, their loss will be much worse. You don’t want to be a part of the 40 percent of the population without any form of life insurance protection.
An Interesting Statistic
Now, another interesting statistic is that 85 percent of males who are in jail did not have a father in the house when they were growing up. Divorce or the death of the father is the reason why this is the case. That’s a serious number. You might be wondering, “Why is that the case?” The reason is, the mother works three jobs, while the kids are raised by someone else.
3 Key Points
Three key points to takeaway and think about and to help avoid a financial disaster:
Point 1: If you don’t have life insurance, the scenarios I discussed could happen to your family. 60 percent of people that do not have life insurance end up losing their property approximately 6 months after the deceased person dies.
Point 2: A lot of young children end up in jail because their father is not home and the mother has to go to work.
Point 3: 60 percent of bankruptcies in the United States are the direct result of unpaid medical bills. And 78 percent of these people have health insurance; however they didn’t have a policy that would cover their expenses. That is because people think, “If I have health insurance, I’m covered.” No, you are not covered. Health insurance doesn’t pay for your bills.