Ben Affleck Will Live on a $1.50 a Day (how insurance protects against extreme poverty)

Ben Affleck

Insurance can help ensure you never live at extreme poverty…

Actor, director, producer, Ben Affleck has announced that he will live on $1.50 a day for five days as a way to promote awareness of extreme poverty. He’s doing so as part of the “Below the Line” project. The “Below the Line” project is aimed at raising awareness about extreme poverty.

The “Below the Line” website describes itself as:

“An initiative of the Global Poverty Project and education in campaigning organization whose mission is to increase the number and effectiveness of people taking action against extreme poverty.”

The challenge that the Below the Line project presents, spend five days feeding yourself with a $1.50 a day, which in the United States is the equivalent of the extreme poverty line.

Some people might scoff at the idea that an actor such as Ben Affleck with a ridiculous amount of wealth would live on $1.50 a day. It’s a scenario in all reality he would never have to encounter. For the rest of us who could lose a job, have a loved one pass away or become injured with a disability, the possibility of having to live off a $1.50 a day is much more real.

But there are insurance products that can help prevent this possibility.

Life insurance

life insurance is a product created to provide a parachute for you and/or your family and loved ones in the event that a family member perish prematurely. In the case of life insurance you may have a $500,000, 30 year term life insurance policy but only live off an annual income of $45,000 a year.

Life insurance provides you the ability to live off less on year-to-year basis and still provide your family and loved ones with the financial support they will need in the event that you are no longer there.

Long-term disability insurance

Long-term disability insurance provides you with income to support your family in the event you become disabled and can no longer work. Without proper planning a long-term disability can create a situation where you may struggle to support your family. A scenario most of us do not want to have to live through.

Long-term disability insurance helps cushion the blow on household income as a result of a disability. Ensuring that you are family never have to weather the burden of no monthly income.

Fixed annuities

Fixed annuity products were created as a way to ensure that your family receives income over a period of time regardless of what happens to your health, work situation or family dynamic. Fixed annuities are actually an insurance product in which you can either place one lump sum into an account or steadily build up an account over time and at a set date start to receive fixed payments set at the beginning of the annuity contract.

Paying into a fixed annuity over the course of a lifetime can help provide a consistent income benefit throughout retirement years.

The Insurance Take-Away

Ben Affleck is doing a very good thing by living off a $1.50 day to bring awareness to extreme poverty. The unfortunate reality is that many of us do not have the wealth that a celebrity such as Ben Affleck has. For most of us insurance products such as life insurance, long-term disability insurance and fixed annuities provide the support that we need to ensure that our family never has to deal with living off a $1.50 day.

If your questions concerning life insurance, long-term disability insurance or fixed annuity products please give The Murray group call at 518-456-6688 or you can click here to begin by email. We’re here to help.

Thank you and good luck,

Ryan Hanley, CIC

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image credit: http://www.examiner.com/article/ben-affleck-1-50-celeb-to-live-on-1-50-a-day-to-highlight-poverty