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Insurance Insights

Michael Riley

AAA Washington Insurance Agency

Insurance Insights: Give the Gift of Love with Life Insurance

It is a sad fact that many people fail to insure their most valuable asset: themselves.

Most of us have no issues insuring our cars, homes, boats and other property, but we fail to consider paying even a modest amount for life insurance that can protect our loved ones from financial and emotional ruin in the event of our unexpected death.

We too often see people fall for one of the myths about life insurance, such as: “It’s too expensive.” “I’m too old.” “I won’t qualify because of a health condition.” In reality, a 40-year-old male in reasonably good health can purchase a robust life insurance policy for as little as $40 per month. The majority of people under age 75 can qualify for at least some form of life insurance protection.  

Many people believe they don’t need life insurance because they are healthy and young. Yet, almost everyone should consider obtaining coverage that is equivalent to seven to 10 times their annual income.

Childless individuals in their 20s and 30s, for example, usually have parents or extended family that would benefit. Life insurance is probably the biggest gift that someone can give their family. It’s the gift of financial freedom for loved ones who are grieving. A grieving person wants to be closer to their family, not farther away. But oftentimes, if a breadwinner dies, the other spouse must work doubly hard.

For these reasons, the foundation of a family’s insurance portfolio needs to start with life insurance. You are really giving a gift of love, so your loved ones can live in the same house with a roof over their head. Your family’s dreams can continue and the For Sale sign remains in the Realtor’s trunk.  

Purchasing life insurance can be as easy as making a phone call and completing a quick needs analysis and online application. With automated underwriting you may receive approval within a few hours to a few days. 

Written by Michael Riley

This article appears in the 2022 Fall Edition of AAA Washington’s member magazine, Journey.

Michael Riley

Director of Sales at AAA Washington Insurance Agency, has more than 25 years of experience in the insurance industry and is a guest lecturer at Washington State University.

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