Imagine this scenario: Two teenagers and a 7-year-old are suddenly in a single-parent household when their mother succumbs to cancer. Their father is doing the best he can. Yet a three-hour, round-trip commute to work makes it challenging to be there as much as he wants to be there for his children.
And the struggle isn’t just one of time: The children’s mother had no life insurance. This means there is no money available to pay for extra help needed to take care of all those responsibilities and duties that she once handled. (Both employed and stay-at-home parents are among the groups most likely to lack life insurance.)
For Boomer Esiason, a former MVP NFL quarterback, and now a seasoned radio and TV broadcaster, that scenario was all too real. He was the 7-year-old who watched his father, Norman, struggle to handle the twin responsibilities of being the sole parent and the breadwinner. “I was handed a life lesson early,” says Boomer. “It wasn’t the easiest life—-my dad sacrificed a lot.”
Unfortunately, Boomer’s circumstances are also all too real for many other households in which a key family provider passed away with little or no life insurance. Statistics show that only 44 percent of households own individual life insurance. This, combined with a reduction in the number of consumers with group insurance, leaves about one-third of people with no insurance at all. And one-third of those who do have life insurance don’t believe they have enough.
Which group do you fall into: the uninsured, the underinsured or the lucky group with enough insurance to provide for those who would be left behind? If you’re not sure, then September’s Life Insurance Awareness Month is the ideal time to evaluate your life insurance.
Watch Boomer’s video above to learn more about his personal story. If you think you might need life insurance (or think you don’t have enough) to protect your loved ones, contact an insurance professional like an Erie Insurance Agent. He or she can help you find affordable coverage that gives you protection and peace of mind.