New study reveals too many people take unnecessary risk by not protecting their families with life insurance
September 6, 2016 by Foresters Financial
NEW YORK, Sept. 1, 2016 /PRNewswire/ – One in three households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Barometer Study by Life Happens®, the nonprofit foundation, and LIMRA, an international trade association for the financial services industry.
Danica Patrick, professional race car driver and Life Happens® national spokesperson for Life Insurance Awareness Month (LIAM) is well aware of the risk from personal family experience, which is why she has had life insurance since the start of her career and not just because she drives race cars for a living.
“As teenagers, both my parents lost their fathers who were the primary wage earners and neither had any life insurance,” says Patrick. “My mom was one of five kids and remembers that her mom had to sell off most of the family farm as a result. When my sister and I came along, my parents got life insurance. They wanted to make sure, based on their experience, that we would be taken care of if something happened to them. That certainly stuck with me.
“Granted, my situation is unique,” Patrick adds. “Most people don’t drive race cars for a living, so I think it’s probably easy for them to put off getting life insurance. You think you have time. You’re not expecting anything to happen, but it can. A good friend of mine in racing just had a heart attack at 34 years old. That’s crazy. Bad things can happen. And that’s why life insurance is just an easy and smart way to eliminate a risk from your life.”
“Danica’s story is one that should be shared by all,” says Carol Springsteen, President of Foresters Life Insurance and Annuity Company, which is supporting LIAM for the 13th consecutive year. “At Foresters Life Insurance and Annuity, we are proud to participate in LIAM each year and support their effort to increase public awareness about the importance of life insurance.”
“In the spirit of this annual campaign,” Springsteen continues, “we hope that people will take the opportunity to learn more about how life insurance can help protect them and their family. Specifically, we encourage them to speak with a Foresters Financial Representative who can help choose the life insurance coverage that’s best for them.”
LIAM is held every September and is coordinated annually by the nonprofit organization Life Happens® as part of a nationwide effort that brings together more than 100 companies and organizations to help raise the public’s awareness about the many benefits of life insurance. Besides Danica Patrick, past LIAM spokespeople include Buddy Valastro, host of the TV show Cake Boss; former pro football quarterback Boomer Esiason; and entertainer Anthony Anderson, star of the TV show Blackish.
Life insurance policies are offered by Foresters Life Insurance and Annuity Company (FLIAC) and distributed by Foresters Financial Services, Inc.; each is a wholly owned subsidiary of Foresters Financial Holding Company, Inc. (FFHC).
About Foresters Financial Holding Company, Inc. (formerly First Investors)
Foresters Financial Holding Company, Inc. consists of a group of diversified financial services companies that include a registered broker-dealer, two investment advisers, a life insurance company and a transfer agent. Foresters Financial Services, Inc., a broker-dealer, helps everyday families reach their financial goals by offering solutions and guidance through its network of financial representatives working in 44 branch offices across the United States. Foresters Investment Management Company, Inc. is the investment adviser to the First Investors family of funds, which had more than $11 billion in total assets under management as of June 30, 2016. Foresters Life Insurance and Annuity Company, Inc., a New York domiciled insurance company, offers a range of insurance and annuity products and maintains an “A” (Excellent) rating by A.M. Best1. For more information visit foresters.com.
About Foresters Financial
Foresters Financial™ is an international financial services provider with more than three million clients and members in the United States, Canada and the United Kingdom, and total funds under management of $34 billion². With a history of more than 140 years, we provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals, protect their families and improve their communities.³ For more information,visit foresters.com.
Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries.
¹ An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning Foresters rating on July 1, 2015, A.M. Best stated that the rating outlook is “stable”, which means it is unlikely to change in the near future. See ambest.com for our latest rating.
² in Canadian dollars as of December 31, 2015
³ Products offered vary by country. Not all products are available for distribution in all jurisdictions. In the United States, products are offered by The Independent Order of Foresters and its subsidiaries, including Foresters Financial Services, Inc. a registered broker-dealer. Securities, life insurance and annuity products are offered through Foresters Financial Services, Inc. or independent producers. Insurance products are issued by Foresters Life Insurance and Annuity Company, New York, or The Independent Order of Foresters. Investment advisory products and services are offered through Foresters Advisory Services, LLC, a registered investment adviser.
