#PinkOctober Breast Cancer Awareness Month

 October marks Breast Cancer Awareness month, in which individuals, organizations, and brands set out to raise awareness and funds for relevant charities fighting the disease. Breast cancer awareness month is a yearly campaign that intends to educate people about the importance of early screening, tests, and more. 2020 has been a powerful reminder that we are all in this together, and our choices and actions have the power to protect the most vulnerable among us in a big way. The same holds true when it comes to breast cancer. 

According to the World Health Organization, breast cancer is the most common cancer among women worldwide, claiming the lives of hundreds of thousands of women each year and affecting countries at all levels of modernization. In 2020, an estimated 276,480 new cases of invasive breast cancer will be diagnosed in women in the U.S. as well as 48,530 new cases of non-invasive (in situ) breast cancer. 64% of breast cancer cases are diagnosed at a localized stage (there is no sign that cancer has spread outside of the breast), for which the 5-year survival rate is 99%. 

This year, an estimated 42,170 women will die from breast cancer in the U.S. Although rare, men get breast cancer too. In 2020, an estimated 2,620 men will be diagnosed with breast cancer this year in the U.S. and approximately 520 will die. There are over 3.5 million breast cancer survivors in the United States. 

On average, every 2 minutes women are diagnosed with breast cancer in the United States. 

1 in 8 women will be diagnosed with breast cancer in her lifetime. There is currently no known cure for breast cancer, and its early diagnosis is critical to survival. While you cannot prevent cancer, it is important to be proactive about your health. 60-70% of people with breast cancer have no connection to any underlying risk factors, and other people with risk factors will never develop cancer. 

According to the American Cancer Society, when breast cancer is detected early, and is in the localized stage, the 5-year relative survival rate is 99%. Early detection includes doing monthly breast self-exams and scheduling regular clinical breast exams and mammograms. 

Life insurance is not sexy. It is not fun to talk about and it’s definitely not a process anyone enjoys. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning. Almost everyone is aware that they need life insurance, but most people procrastinate until there is an important life event that pushes them to buy it. However, there are some serious benefits to buying insurance early on, especially if you have debt, are married or planning on marriage, have or are planning on starting a family, or you are a business owner. 

Why do I need Life Insurance?

Protect Those You Love

One of the most important reasons to get life insurance is to protect those you love from financial catastrophe if you should die prematurely. There is a certain peace that comes with knowing that if you were to die today your family would be provided for financially. 

According to recent life insurance statistics, if the primary wage earner was to pass away, 70% of US households (with a child under the age of 18 years) wouldn’t be able to keep up with living expenses. 

Life insurance is for those you leave behind. One of the best ways you can provide for those you love if you should die is through life insurance. It’s also important to have enough life insurance in place, (see how inexpensive a million-dollar life insurance policy can be) so those you love are not left in a financial tailspin to go along with the emotional tailspin they are already dealing with due to losing you.

Provide Liquidity for your Business or Estate

The importance of life insurance for business owners cannot be understated. There are three main reasons you need to get life insurance to cover your business. 

As a sole proprietor, you will need coverage to provide enough liquidity for your family and/or business so that creditors can be paid, and receivables can be collected. And perhaps the most important reason for life insurance as a sole proprietor is to buy TIME—time to allow your family to find a buyer to purchase the business or time to allow your family to properly wrap up and close the business. 

The second reason life insurance is important is to allow business partners to fund a buy sell agreement. The insurance will allow the surviving partner to purchase the deceased partner’s share in the business. In doing so the surviving business owner can buy out the family instead of having a member of the deceased owner’s family trying to step in and attempt to run the business. 

For larger corporations, key man insurance is also a great way to provide liquidity for the business. The funds from the policy can provide needed cash to help pay for hiring and training a replacement. 

Large estates, like businesses, may not have the cash available to pay off creditors and pay taxes. Many large estates are property rich and cash poor. Using life insurance in an estate plan will help avoid fire sales of valuable real estate and securities. The cash benefit can be used by the beneficiaries of the policy or the trustee to pay off debts and avoid liquidation of securities and real property. 

Cover a Business Loan

Another top reason you need to buy life insurance is to cover SBA loans or bank loans. If the business owner is a key man, life insurance will probably be required by the lender to qualify for the loan. Business owners, and potential future business owners, can do themselves a favor by purchasing cash value life insurance while they are young and healthy instead of waiting until he or she needs it and risks developing a health condition that might make getting life insurance tough, to downright impossible. 

Pay off the Mortgage

One of the most important reasons for having life insurance is to cover a mortgage on your primary residence. The good news is a mortgage is a tangible thing that can easily be measured. 

Leverage your Wealth for Estate Planning 

For those who are blessed with great wealth, life insurance provides a fantastic way to maximize that wealth. at a certain tax-exempt level, life insurance can provide the liquidity your estate needs to pay estate tax and provide liquidity to avoid having to sell valuable assets. 

Cover Final Expenses

Another important reason why you need life insurance is simply for final expenses. One of the worst things to hear about is a family who just lost a loved one and they cannot provide a proper burial or cover final expenses. Worse, the loved one who died has debt that must be paid but there is no money to pay it. 

Create a Legacy

Of all the reasons of why to buy life insurance, the main thing to keep in mind is life insurance creates a legacy, especially when you are intentional and apply the principles of infinite banking. When life insurance is purchased there is nothing tangible that comes along with it for the insured. But what your family receives when you die is a financial legacy from you that will keep your family’s memory of you alive for years to come. 

At Provence Insurance & Financial Services, let us help you protect what is most valuable- YOU! Please contact us for a no obligation quote to get the assurance of knowing your loved ones are protected!