{"id":18667,"date":"2021-08-04T15:29:38","date_gmt":"2021-08-04T19:29:38","guid":{"rendered":"https:\/\/lifehappens.org\/?p=18667"},"modified":"2021-08-04T15:29:39","modified_gmt":"2021-08-04T19:29:39","slug":"life-insurance-is-only-for-final-expenses","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/life-insurance-is-only-for-final-expenses\/","title":{"rendered":"Life Insurance Is Only for Final Expenses"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”4.9.7″ _module_preset=”default”][et_pb_row _builder_version=”4.9.7″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.7″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

Life insurance is there to pay for funeral and burial costs, right?<\/p>\n

Yes! That\u2019s correct. And many Americans understand that. In fact, it\u2019s the No. 1 reason people state for having life insurance, according to the 2021 Insurance Barometer Study by Life Happens<\/a> and LIMRA<\/a>.<\/p>\n

This year, the study also dove more deeply into the perceptions and attitudes of the Black community through a special report, \u201cBlack Americans: Life Insurance Attitudes and Ownership.\u201d<\/strong><\/a> The report found that Black Americans have an even deeper appreciation for what life insurance does when someone passes away. Around half of Americans (48%) say they have life insurance to cover final expenses, and that number surges to 66% for Black Americans.<\/p>\n

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But that\u2019s only part of the story. <\/em><\/h3>\n

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What happens to the family \u2014 the home, the bills, the education for the kids, the planned retirement \u2014 if a key source of income disappeared with the death of their loved one?<\/p>\n

How do those bills and dreams get paid for tomorrow, the next day, next year and into the future?<\/p>\n

That is what life insurance is there for, too. But many people don\u2019t realize the full scope of what a robust life insurance plan can do longer-term. In fact, only a third of Americans say a major reason to own life insurance is to cover lost wages or income (35%) and that number is a bit lower for Black Americans (31%).<\/p>\n

Here are things that people can use life insurance to cover<\/a>:<\/b><\/p>\n

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Immediate expenses<\/h4>\n