A growing number of Americans are feeling the weight of financial vulnerability. According to LIMRA’s 2024 Insurance Barometer Study, 42% of adults said they need life insurance, or more of it, representing a coverage gap for roughly 102 million people. This is a clear sign that many recognize the importance of coverage but still haven’t taken action.
Every day, families across the country face more than grief when they lose a loved one—they face financial hardship. One of the first questions a funeral home may ask is: “Do you have life insurance?” Without it, many families struggle to take the first steps in making necessary arrangements.
It’s a reality we don’t like to talk about, but it’s one that AFR Life is here to help you plan for, before it's too late. Life insurance isn’t just about a payout; it’s about peace of mind when your loved ones need it most.
Without life insurance, families are often left scrambling to cover immediate costs. Funeral and burial expenses alone can range from $7,000 to $12,000, and most funeral homes require the full payment upfront. That’s before you even address outstanding debts like mortgages, student loans, credit cards, and car payments.
Even retirees are not exempt. Many people don’t realize that Social Security benefits stop the moment a loved one passes. In some cases, surviving spouses may even owe some of that money back. Selling off assets like a home might be the only option, but that takes time, and bills won’t wait. Banks don’t wait, either. The home is repossessed if a mortgage isn’t paid, and any family equity is lost in a quick sale.
Consider a young family with two kids. The father, just under 30, stopped to help someone on the side of the road and was tragically struck and killed. He had no life insurance. The mother, now grieving, had to take time off work, pay for burial costs, and raise their children alone, with no safety net. Six months later, the crowdfunding efforts ended, but the bills didn’t. This is the reality too many families face.
Not having life insurance can erode a family’s financial foundation. Without it:
Every year you delay getting life insurance, the cost of your premium can increase. Consider this:
A 30-year-old can secure $100,000 in coverage with us at AFR Life—with Better Living Benefits and a Waiver of Premium—for just $21.50 bi-weekly. Wait until you’re 50 years old? That cost jumps to $71.54; by 60 years old, it’s now $147.23.
And here's the critical difference: with AFR Life, your premiums are guaranteed never to increase, and your coverage is designed to remain level; thanks to the non-guaranteed Enhanced Benefit rider that helps maintain your benefit amount over time. With many other carriers, your coverage can drop significantly as you age; by 35% at age 65 and 50% at age 70, while increasing your premiums. You end up paying more and potentially receiving less when your family needs it most.
Waiting also brings risk. A sudden health condition could make it more difficult to find coverage. Many regret not enrolling when it was affordable or guaranteed through their employment. Once that window closes, it may not open again.
Life insurance is not only about covering burial costs—it’s about buying time. For example, that $100,000 policy at $21.50 bi-weekly might not pay off your $350,000 mortgage or $650 monthly car note, but it gives your family breathing room. Time to grieve. Time to plan. And time to move forward.
If you think life insurance is too expensive, most employers offer basic group coverage at no cost; you simply need to opt in. For additional peace of mind, voluntary plans provide flexibility and may even include Better Living Benefits, which provides financial support, while living, if a serious illness occurs.
At AFR Life, we collaborate with experienced brokers to help you find the ideal coverage that fits your needs and budget at any stage of life.
The cost of waiting could be far greater than the cost of acting now. Life insurance is a selfless act of love—one that ensures your family is protected when they need it most.
So, ask yourself: If something happened to you today, would your family be okay tomorrow? Speak with your HR insurance specialist to explore your options and find the right coverage for your family's peace of mind. If you have any questions, please contact AFR Life for assistance—we’re here to help.