Is now a good time to buy life insurance?

Happy Life Insurance Awareness Month! ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 👨‍👩‍👧 More than a third of those without life insurance say they haven’t purchased it because they are unsure how much they need or what type to buy.¹ Things to know Is now a good time to buy life insurance? Is now a good time to buy life insurance? According to the 2023 Insurance Barometer conducted by LIMRA, there are over 100 million uninsured and underinsured Americans.¹ This month, we’ll celebrate the 20th anniversary of Life Insurance Awareness Month which takes place each September. The month is dedicated to educating consumers on the importance of life insurance and its role in protecting your financial security. While we’re celebrating the 20th anniversary of the Life Insurance Awareness Month, the concept of life insurance has been around for hundreds of years. The Presbyterian Ministers’ Fund, which has been coined as the first life insurance company, was created in 1759 in order to support women in the church whose minister husbands had passed away.² Life insurance has evolved since—today, customers can apply and purchase policies online. In fact, the online insurance marketplace has reported a 30% increase in sales since the beginning of the COVID-19 pandemic.³ When is the best time to think about life insurance? There’s no right answer, but the best time to purchase life insurance is generally as soon as you can because the younger and healthier you are when you purchase a policy, the lower your premium will likely be. Of course, one of the most important times to purchase life insurance is when you have dependents or if you anticipate having them soon. Life insurance is meant to act as a financial safety cushion for your loved ones for the unexpected. Thirty-eight percent of Americans say their household would face financial hardship within six months should a wage earner die unexpectedly and 30% say their household would struggle financially within a month.¹ Interest in life insurance at an all-time high Earlier, we mentioned the 100 million uninsured or underinsured Americans, and while that number may seem alarming, recent numbers prove that Americans are beginning to recognize the importance of life insurance. Interest in life insurance is at an all-time high in 2023, with 40% of customers planning to purchase life insurance coverage within the next year.² The momentum for life insurance began to pick up in 2020, with COVID-19 playing a role in people’s decision to pick up a life insurance policy; 15% of individual life insurance owners say that the COVID-19 pandemic led them to purchase life insurance and one third of Gen Z adults say COVID-19 was a reason they bought life insurance.³ Applications rose 4% YoY overall, in 2020—the highest annual year-over-year growth rate on record.³ Common life insurance myths: - It's too expensive — One of the top reasons people postpone purchasing coverage is that they believe it’s too expensive. Yet more than half of Americans overestimate the cost of life insurance three-fold.¹ There are all kinds of insurance policies that make it possible for nearly anyone to find something in their budget. - I'm young so I don't need life insurance — You'll typically pay less for life insurance at age 25 than at age 40. The LIMRA survey found that younger people think that they don’t need to buy life insurance until they are older and believe they can put it off.⁴ In reality, life insurance is less expensive for those who are young and healthy. - I can put that money into my savings — Life insurance shouldn't be built into your savings or retirement plan. Rather, it's there to help protect your financial security from the unexpected. - I have life insurance through my employer — Some employers offer a group life insurance policy that's usually one or two times your salary. This type of life insurance is a great start but in most cases, it won't be enough for your loved ones to replace your income for the long term. You should also keep in mind that if you leave your job, the policy often won't travel with you. --------------------------------------------------------------- Better Cover Explore your life insurance options today [Get a quote now]( or [book a call with a life insurance expert]( --------------------------------------------------------------- Press play Follow us on social to stay up to date with the latest mortgage tech, tips, and tools: Watch on [TikTok]( • [Instagram]( • [YouTube]( • [Facebook]( --------------------------------------------------------------- Better Mortgage Questions? Connect with a mortgage expert now [Apply today]( --------------------------------------------------------------- Quiz What is a difference between APR and interest rates? - APR and interest rates are the same thing - Your APR is usually higher than your interest rate - Your interest rate is usually higher than your APR - Interest rates include the total cost of borrowing money and APR represents the cost you pay to borrow money each year [Better] [Better] [social]( [social]( [social]( [social]( [social]( ¹ Source: [LIMRA]( ² Source: [Progressive]( ³ Source: [BDO]( ⁴ Source: [LIMRA Insurance Barometer Study]( © 2023 Better Home & Finance Holding Company and/or its affiliates. Better is a family of companies. 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