Insure Your Phone, But Not Your Life?

by Milena Bu

Milena Bu – State Farm Insurance Agent

Let’s talk about that for a moment. In our fast paced digital world we live in, when did our devices start ruling our lives? Do we truly value electronics more than ourselves? As I shopped around for a new mobile phone, I had to ask myself this question.

I recently spent my Saturday morning picking out a new mobile phone, waiting in line to speak to a sales rep to update my contract, while hoping to get out the door in some relatively reasonable time frame. Then the question came, “would you like the comprehensive insurance package (for your state of the art phone that you are now on a two year monthly payment plan for)?”

What to do?

In my case, it was an easy decision to pass with my saver mentality (despite the fact that I have three children under the age of twelve with sticky fingers and a penchant for scurrying off with my phone to look at photos).

Well, the good news is that according to a Consumer Reports Survey on smartphone insurance, only 15% of respondents suffered serious damage to their phones, and just 2% had a phone lost or stolen. So based on those stats I was in good company.

We sometimes focus on insuring small items that willnot financially devastate us, but forget/postpone to protect what matters the most.

I ask many of my clients: What is your biggest asset you own? Even though most say, “our house”, it is our ability to earn income. Let’s assume that a 30 year old earns $50,000 annually, that is $1.5 Million dollars of income in the next 30 year, without getting a raise or adjustments for inflation.

When it comes to ourselves and protecting our loved ones with life insurance, 6 in 10 people say they do not buy life insurance because they have other financial priorities, according to the 2018 Insurance Barometer Study by LIMRA.

Many people overestimate the cost of life insurance. In fact, when asked how much a $250,000 term life insurance policy would cost for a healthy 30-year-old, the average guesstimate was more than twice the actual cost, according to the Insurance Barometer Study by LIMRA.

While the failing performance of a smartphone is a good reminder that it’s time for an upgrade, here are 10 good reasons to have a life checkup and review your life insurance needs. When it comes to protecting your loved ones, be as intentional about evaluating and upgrading your life insurance as you are about the latest smartphone.

Remember, you CAN’T get LIFE INSURANCE when you NEED IT! #lifehint

Life insurance is also one of the best ways to transfer wealth to your children, tax free and easy,


  1. Bought a new home
  2. Gotten married
  3. Had a baby or adopted a child (or been thinking about starting a family)
  4. Starting to plan how to pay for college
  5. Become an empty nester
  6. Gotten divorced
  7. Lost a loved one in your immediate family
  8. Purchased or sold a business
  9. Received an inheritance
  10. Been thinking about how to bridge any gaps in your retirement needs

If you answered yes to one or more of these major life events, check out the resources below to learn more. Then, get in touch with a financial professional to discuss your specific life insurance needs. Try to make time each year to review your needs.

To learn more or protect your family, call Milena @703 799 1111 or email her at

Written by Milena Bu

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