[Printed on graphic of game show board:] Busting Common Financial Myths. Welcome to the world’s most financially responsible game show!

Come on down and learn the truth about financial myths so you can help make better decisions to protect your loved ones.

Let’s pick a category and get started!

[Graphic depicting a game show scene. A male host stands with a microphone and a clipboard. Three contestants stand behind platforms with buzzers and scores displayed at the front. A female contestant is raising her hand, and the host is holding out the microphone to her. Behind the contestants are floor lights and the shadows of audience members.]

[Printed on graphic of a lit-up scoreboard underneath a picture of a wallet with money sticking out of its top:] Category: Income Protection.

Myth: “I’m careful, I don’t need disability insurance.”

Fact: 90% of long-term disabilities are caused by common illnesses — not injuries or catastrophic accidents.¹

Myth: Disability coverage from my employer is all I need.

Fact: 40%–60% of your income typically won’t be covered by employer-provided disability coverage.²

[Printed on graphic of lit-up scoreboard underneath a picture of a sun with distant flying birds. A picture of a seagull is off to the right.] Category: Retirement.

Myth: “I will only need 80% of my annual income for a comfortable retirement.”

Fact: 47% of Americans think they’ll need to accumulate only $500,000 to retire comfortably³, but with healthcare costs alone likely eating more than half of that⁴, retirement can be more expensive than you expect — and vary considerably — based on how much you plan to spend or pass along.

Myth: I can work part-time in retirement, so it’s ok if my savings are a little short.

Fact: 74% of workers plan to continue working in retirement vs. 27% of retirees actually work for pay in retirement. Unforeseen health problems, the need to care for a spouse or loved one, and lack of available, desirable positions prevent many retirees from working.⁵

[Printed on graphic of a lit-up scoreboard underneath a picture of a wallet with money sticking out of its top:] Category: Life Insurance.

Myth: “I’m young. I don’t need to buy insurance.”

Fact: 40% of people with life insurance wish they had purchased their policies at a younger age.⁶ Life insurance costs rise as you age, as does your chances of health complications, so buying young increases your chances of qualifying for insurance and can extend your window of protection and lower premiums.

Myth: “Whole life insurance is too expensive.”

Fact: While whole life costs more than term life, it includes many additional benefits, like a death benefit that you cannot outlive and living benefits, such as cash value⁷, which could be used for things like educational expenses or buying a home.

[Graphic of male game show contesting holding his arms in the air in a celebratory pose. Confetti is in the air around him, and his scoreboard displays the word “Wow.” The other two contestants are beside him, clapping.] The audience is cheering in the background.

Avoiding financial misconceptions is crucial for protecting yourself, your assets and your loved ones, for setting realistic retirement expectations and for managing financial risk.

Want to stay informed? Talking to a financial professional is the best way to get your questions answered and learn the truth about planning for the future.

1. Integrated Benefits Institute, 2018 Health and Productivity Benchmarking, Long-Term Disability.
2. Council for Disability Awareness, https://disabilitycanhappen.org
3. Fidelity viewpoints, April 2019.
4. https://www.ssa.gov/oact/TRSUM
5. EBRI 2020 Retirement Confidence Survey Fact Sheet #2, “Expectations about Retirement.”
6. 2020 Insurance Barometer Study, LIMRA.
7. Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

Brought to you by The Guardian Network © 2021.

The Guardian Life Insurance Company of America®, New York, NY

2021-128429 Exp. 10/23

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