LIFE INSURANCE AWARENESS
Life Insurance:
More important than ever
We all know that life happens. But lately, it seems that it’s happening on a whole new level.
As the effects of COVID-19 continue to play out, consumers are getting a rare glimpse into
their vulnerabilities as life takes unexpected turns with real and lasting consequences.
It’s a time of heightened anxiety, which is only natural when a simple trip to the grocery
store can pose a serious risk to our health. Understandably, we’re all looking for ways to
reduce the sense of helplessness we feel.
Joe Boan
With more than 25 years of experience
in the financial services industry,
Joe Boan brings passion, dedication,
and a long record of successful
execution to his position as Senior
Managing Director, Individual Solutions
at Transamerica.
Unique position to help
While we may not be frontline workers, I would propose that our industry is in a unique
position to help people. Not only can we provide financial support when people need it most,
we can also provide peace of mind and a sense of empowerment.
It’s why I got into this business in the first place, because I realized the value in providing
something that can make a difference in people’s lives. It may be why you got into this
business, too. Your guidance can have a major impact, by literally helping them create a
more solid financial foundation for them and their loved ones.
I see this as an important moment, where people are looking for solutions to meet their
current and future needs in ways they hadn’t thought about before this pandemic struck.
People are realizing more than ever that sometimes life doesn’t go as planned. Which makes
it the perfect time to let them know you’re here for them and can help them evaluate if they
have the right plans in place to protect their families and their futures.
Life Insurance continued on page 30
Painful statistics
The global pandemic has also made healthcare and its associated costs
a top-of-mind issue. For many Americans, the cost of healthcare and its
threat to financial security has long been a serious concern. It’s one that’s
backed up by some sobering statistics, including:
Disheartening
trend
42 %
of new cancer patients
lose their entire life
savings in the first
two years of
treatment 1
The median cost
of hospitalizations
from a heart attack
is more than
$
53,0002
In 2017,
ER costs averaged
about $ 1,389, up
176 %
since 2008 3
2/3
of people who file
for bankruptcy cite
medical issues as a
key contributor. 4
28 Perspectives Q3 2020
1 “42% of cancer patients spent entire life savings in 2 years after diagnosis, study finds,” Advisory Board, November 2018
2 “Uninsured patients faced devastating hospital bills for heart attack, stroke,” American Heart Association, 2017
3 “Average Health Care Costs And Ways To Save,” The Balance, January 2020
4 “This Is The Real Reason Most Americans File For Bankruptcy,” CNBC, February 2019