Having worn the hat of a data analyst for about 5 years in the finance team of a fortune 50 company in Philadelphia, I’ve always been fascinated by the intersection of data and human behavior. As an insurance broker, I’ve had the privilege of working with families from all walks of life, helping them navigate the complexities of life insurance. In this article, I want to share with you my observations and insights on the importance of life insurance for families, based on data and research.

The State of American Health

As I review health conditions with families, I’m struck by the alarming trends in American health. According to the Centers for Disease Control and Prevention (CDC), obesity rates have increased by 40% since 1999, and diabetes rates have increased by 50% since 2000. (1) These trends are particularly concerning for young adults, who are more likely to develop these conditions later in life.

The CDC also reports that cardiovascular disease is the leading cause of death in the United States, accounting for over 800,000 deaths per year. (2) These statistics are a stark reminder of the importance of protecting our loved ones through life insurance.

The Importance of Life Insurance

As I mentioned earlier, I’ve observed that most Americans don’t consider life insurance in their twenties, when they are younger and healthier. However, the data suggests that this is a critical period for purchasing life insurance. According to a study by the American Academy of Actuaries, the average cost of a life insurance policy for a 25-year-old in 2019 was approximately $15 per month. (3)

This may seem like a small price to pay, but it’s essential to consider the long-term implications of not having life insurance. According to a report by the National Academy of Social Insurance, the average cost of raising a child from birth to age 17 is over $233,000. (4) Life insurance can help ensure that your loved ones are financially secure, even if you’re no longer around to provide for them.

The Difference Between Auto and Life Insurance

I’ve always been puzzled by how we rush out to get auto insurance for our new cars, while life insurance is often put off until later in life. While auto insurance is required by law in most states, life insurance is not. However, the consequences of not having life insurance can be severe, particularly if you have dependents.

According to the CDC, the average annual cost of healthcare for a family of four in 2020 was over $26,000. (5) This cost can be devastating for families who are not prepared, and life insurance can help mitigate this financial burden.

As a former data analyst, I’ve seen the importance of data-driven decision-making time and time again. However, I believe that data should be used to inspire action, not just inform it. That’s why I want to encourage you to have a discussion with your family about life insurance, and to make a plan to protect your loved ones.

If you’re not sure where to start, I’m here to help. As an insurance broker, I can provide you with personalized recommendations and guidance to help you make informed decisions about your life insurance needs.

The importance of life insurance for families cannot be overstated. By considering life insurance in our twenties and thirties, we can help ensure that our loved ones are financially secure, even if we’re no longer around to provide for them. As a data analyst and insurance broker, I’m committed to helping families navigate the complexities of life insurance and make informed decisions about their financial futures.

If you have any questions or concerns about life insurance, please don’t hesitate to reach out. I’m here to help. [email protected]