Worried about your income? Your job security? Your debts? Your daily expenses? If you answered “Yes”, you are not alone. Financial stress affects people across different demographics according to GlobeScan research (2023). In a survey covering 31 countries and territories, it revealed that younger people are those who are most affected. Gen Z respondents were more than twice as likely to say they frequently experience stress and anxiety compared to Baby Boomers and older.
What’s stressing America
The report pointed out that North Americans, especially those in the US, are more likely to say they are frequently stressed or anxious than people in other regions. The American Psychological Association’s 2023 Stress in America Survey reflected the same trend: 18–34 and 35–44-year-olds were more likely than those 65 and older to report they feel “consumed” by their worries about money (67% and 63% vs. 13%, respectively). Among the biggest contributors of stress were money, the economy, and housing costs.
Sadly, all these stresses can escalate into serious health issues: depression, pre-mature aging, heart disease to name a few. The good news is you can prevent these from happening by taking control of financial uncertainties. Having life insurance is an excellent start.
Taking back control
In times of crisis, life insurance serves as a vital financial safety net for you and your family as it provides the following:
Life insurance as investment – Whole and universal life insurance build cash value over time. This investment-like savings component may be leveraged to take out a loan for purchasing a house, supplementing your retirement fund or funding an emergency.
Life insurance as medical care -You can tap into the living benefits of your policy by taking an advance on your death benefit to cover long-term care or critical illnesses. These provisions give you access to quality care without depleting your savings or imposing financial strain on their families. Knowing that such coverage is in place can help ease stress during difficult times.
Life insurance as financial protection – If your family relies on you for support, your life insurance can provide a financial cushion in the event of your death. The payout, also called death benefit, can replace lost income, cover outstanding debts, pay funeral expenses, and maintain the family’s standard of living.
Start young
Getting life insurance while you’re young offers many advantages: from locking in lower premiums to securing coverage regardless of future health issues. And if you’re purchasing life insurance that accumulates cash value, starting young gives you time to build this savings component.
To know more about life insurance and how it can help manage your financial stress, call Mercado Global Brokers. We’ll help you find the right type of insurance to give you the confidence and security to face life’s challenges.
