Crowdfunding campaigns have taken the world by storm, supporting everything from movie productions to medical expenses. However, there’s a fascinating trend emerging: a surge in campaigns aimed at covering funeral and burial costs. Millennials are leading the charge, utilizing platforms like GoFundMe to alleviate the financial burden of saying goodbye to a loved one. In fact, over 125,000 memorial fundraisers are created on GoFundMe annually, raising a staggering $330 million.
But here’s the catch: crowdfunding success is far from guaranteed. That’s where life insurance comes in. It offers your clients the peace of mind of a guaranteed death benefit for their loved ones, and it’s surprisingly affordable. Many consumers have misconceptions about the cost, with nearly half of American adults lacking life insurance coverage. However, term insurance can cost as little as pennies a day, contrary to popular belief.
A recent study found that over half of respondents overestimated the cost of a $250,000 term life policy for a healthy 30-year-old, thinking it would exceed $500 annually. The reality? It’s much closer to $170. Imagine dispelling this widespread misconception and providing clients with an affordable solution.
Let’s face it: crowdfunding often falls short. Many campaigns struggle to meet their goals, leaving loved ones with a fraction of the necessary funds. With the average cost of a funeral surpassing $7,848 and potentially exceeding $10,000 depending on burial options, the burden on millennials is substantial. Imagine offering them a reliable solution instead.
Statistics show that 40% of Americans would have difficulty covering an unexpected $400 bill. While crowdfunding provides some relief, guaranteeing a death benefit through life insurance removes a significant stressor during tough times. It is insurance agents like you that can provide relief to families in times of need, by offering the life changing assistance insurance can offer.
Are you unsure of what product would be best for your next client? Contact NFI Solutions. Our team of consultants is ready to assist you in assessing the right insurance product and supporting your clients’ overall financial needs!
952 887 1239