Life Insurance Awareness Month
Too many people are taking an unnecessary risk by not protecting their loved ones with life insurance. 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA. And the study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy. That’s why each September Life Happens coordinates Life Insurance Awareness Month.
This industry-wide campaign is aimed at educating Americans about the importance of life insurance and helping them get the coverage they need. This national education campaign, which is coordinated by the nonprofit organization Life Happens is designed to help you take stock of your life insurance needs and protect your loved ones with proper insurance planning. With more than 100 million adult Americans who have no life insurance, the need has never been greater.
Do you have enough coverage? Do you have the right coverage for you and for your family? While September is Life Insurance Awareness Month, it should always be important to know that if tragedy were to strike, your family could continue living in comfort.
- Four in 10 adult Americans have no life insurance at all.
- Insured Americans, on average, have only about three-and-a-half times their annual income in life insurance coverage. Many insurance experts believe that people's true need for coverage is 10 times their gross annual income, and sometimes more.
- Only 35 percent of adult Americans have individual life insurance. Many rely on insurance provided by their employers, leaving many employees without coverage if they were to lose their job or change jobs.
- Each year, a significant number of Americans (600,000) die prematurely. In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female, the odds are 1 in 9.
- When a premature death occurs, insufficient life insurance coverage on the part of the insured results in 75 percent of surviving family members having to take measures to meet financial obligations, such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.