A recent survey from the LIFE Foundation found many Americans tend to push off purchasing or updating a life insurance policy. Only 2 percent of U.S. adults plan to buy life insurance coverage in the next month, but 62 percent said they would rush to buy it if they knew they would die in the next 31 days.
"The reality that millions of Americans refuse to admit is that it's never a question of 'if' they will die, but 'when' that day will come," said Marvin H. Feldman, president and CEO of the LIFE Foundation. "If you have people who depend on you financially and would suffer when you die, there's no excuse for not buying life insurance right now, before it's too late."
To better promote the importance of life insurance to protect families from financial hardship, the LIFE Foundation is now accepting submissions for its LIFE Lessons Scholarship Program, which highlights real-life students who have found success thanks to life insurance products. The program recognizes the character and perseverance of students who struggled financially after a parent's death.
The nonprofit will award $110,000 total in scholarships to the winners of the contest. Students with the most compelling stories of how a death of a parent or guardian affected them both financially and emotionally will receive between $1,000 and $10,000 to be put toward a college education. To win, students must submit a 500 word essay or 3 minute video telling their stories. Students must be between the ages of 17 and 24, and must be accepted to or enrolled in a college, university of trade school.
"Many of the students we help are having financial difficulty paying for college because their parents didn't own any life insurance," said Marvin Feldman, president and CEO of the LIFE Foundation. "The best way to ensure that your children will have the opportunity to attend college is to include life insurance in your college-funding plans."
The LIFE Foundation also shares stories of how life insurance has helped families and individuals avoid financial hardship. For example, Jodie and Dennis Danduran purchased life insurance after adopting their first child. After building a family with five children, Jodie died suddenly of an aneurysm. Dennis was able to use the life insurance policy to find a job that allowed him more time with his family, and also set up college funds for the five children.