Life Insurance Awareness Month comes around once per year, but life insurance education is important year-round.
Every September, Life Happens, a non-profit dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, organizes an annual campaign to help educate people on the importance of life insurance. Because let’s face it, not everyone understands what life insurance really does and why they actually need it. What it all boils down to: life insurance is one of the keys toward financial health and well-being.
- One in five individuals who own life insurance say they don’t have enough coverage
- Forty-one percent of individuals say they don’t even have life insurance
- The top two reasons for not purchasing are:
- It’s too expensive (63 percent)
- Other financial priorities (61 percent)
With these statistics come misconceptions. Ready to clear them up?
…“I just don’t have time for all those cumbersome forms and applications.” As the insurance industry evolves, insurers are developing new, digitally powered solutions to make it a lot easier for you to obtain a policy quote and ultimately, sign up for the right policy to fit your and your family’s needs. The digital transformation is here and insurers are riding the wave!
Now, if you’re among the one in five who says they don’t have enough coverage...
Sam and Kelly, a middle-aged couple with a recent high school grad, just purchased a new home in their favorite neighborhood. With their son heading to college, it was time to downsize. Sam and Kelly decided to use this time of transition as an opportunity to revisit their financial situation. They wanted to ensure all ducks were in a row, including having the right amount of life insurance for their current life stage. Their existing 20-year policy is nearing the end of it's term. With a new 30-year mortgage and upcoming college tuition payments, the couple decided to purchase a 30-year base policy to cover the mortgage payoff, as well as a 10-year rider to protect their son’s educational future.