Take Control of Your Finances During Financial Literacy Month

April is Financial Literacy Month. Financial literacy is the ability to understand and use financial skills, including making responsible financial decisions, effective budgeting, saving, and investing for the future.

Here, we take a look at one key piece of the financial literacy puzzle: how you can protect your family’s financial future with the help of life insurance.

Why Life Insurance Matters

Life insurance is more than just a certificate. It’s a promise of protection and support for your loved ones in the face of life’s uncertainties.

By purchasing a life insurance certificate, you create a financial safety net for your family in the event of your passing. The death benefit provided by life insurance can offer crucial financial support, helping to cover expenses such as mortgage payments, outstanding debts, education costs, and daily living expenses.

Research conducted by LIMRA highlights the strong correlation between financial literacy and financial security:

• Nearly 4 in 10 consumers who are highly knowledgeable about annuities expressed interest in converting assets into guaranteed lifetime income
• 67% of consumers who say they are “very” or “extremely knowledgeable” about life insurance own some form of a life insurance policy

And according to the 2023 Insurance Barometer Study, 27% of consumers feel very or extremely knowledgeable about life insurance.

The Journal of Financial Services Marketing explains that financial literacy provides people with the confidence to effectively handle financial crises. When you have the knowledge and resources to make financial decisions, you will feel more confident in confronting and managing financial difficulties.

Financial Literacy’s Effect on Financial Stability

As we wrap up Financial Literacy Month, let’s commit to educating ourselves on improving our financial literacy throughout the whole year.

Being financially literate can influence the way we protect our families, especially through life insurance. By understanding life insurance and its role in protecting your financial future, you can make sound financial decisions that provide peace of mind for you and your loved ones when you need it most.

Learn more and take steps to secure your financial future today.

To find out more about how WoodmenLife can help or to get a personalized quote, visit WoodmenLife.org/GetStarted

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