Roselyn Sánchez on life insurance
September is Life Insurance Awareness Month, and this year life happens, a national non-profit organization that educates consumers about the importance of life insurance, has partnered with Roselyn Sánchez as a spokesperson to communicate the importance of protecting your family. You may know Sánchez as an actress, producer, and singer-songwriter, but she describes her most important role as that of mother and wife. “Family is everything,” she explains. “I had never thought of life insurance before the children. I thought it was something old people do. But once you have kids, everything changes. You no longer live for yourself; you live for your children”. It was this shift in priority that made the decision to purchase life insurance so easy. Sánchez always considered herself an educated person, but she had no idea how accessible, affordable, and necessary life insurance was until she started learning about it.
As a Puerto Rican woman, she feels this message is especially important to convey to the Hispanic community. “In the Hispanic community, we’re so family-oriented, but we don’t necessarily focus on the financial aspect.” Although 55% of Hispanic millennials say their family would face financial hardship within six months if the main earner died unexpectedly, only 41% actually have life insurance. She says one of the biggest barriers to buying life insurance specific to the Hispanic community is communication. “Latinos can be superstitious. We don’t want to talk about death. She continues to say that lack of education is a major barrier for all adults, but especially for Hispanic adults. Often people mistakenly think life insurance is too expensive or a huge commitment. What most don’t know is that a healthy 30-year-old can get a $250,000 20-year term insurance policy for just $13 a month. This means that if you buy this policy and pay the $13 per month with no fault, your loved ones will receive $250,000 if you die at some point during those 20 years.
Finally, language barriers can often contribute to a lack of education around life insurance. This year’s LIAM will feature a selection of resources in Spanish – including digital flyers, social media graphics, videos, animations and more. Life Happens will also release Spanish versions of some of its most popular tools and resources as well as the Life Insurance 101 video and brochure, Myths vs Facts about life assurance and Life Insurance Needs Calculator.
For Sánchez, this decision gives him peace of mind. “Life insurance is about investing in your future and your family. If anything happens to me, I know my family will be taken care of.