September is National Life Insurance Awareness Month
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To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit LIFE Foundation coordinates Life Insurance Awareness Month. Each September, LIFE is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups.
Why Devote a Month to Life Insurance Awareness? To communicate a growing crisis of too many Americans not having adequate life insurance protection and the importance of including life insurance as part of a family’s and/or individual’s financial planning.
A majority of American families either have no life insurance or not enough, leaving them and their families exposed to a financial catastrophe if a debilitating accident or terminal illness should occur. According to the industry research group LIMRA, 30 percent of US households have no life insurance and there are 11 million fewer American households covered by life insurance compared to 6 years ago.
By having Life Insurance as part of your financial plan:
- It can buy loved ones time to grieve.
- It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate.
- It can keep families in their homes and pre-fund a child’s college education.
- It can keep a family business in the family.
- It can provide a stream of income for a family to live on for a period of time
The Life and Health Insurance Foundation for Education (LIFE) is a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. The main topics LIFE addresses in their awareness and educational efforts are life, disability, long-term care and health insurance.
Spend a few minutes learning more and trying the interactive tools like the Life Insurance Needs Calculator. If you find that you have a need for coverage, we strongly urge you to act by contacting an insurance professional in your community.
(Photo credited to www.naifa.org)
DISCLAIMER: Because of the generality of this update, and based on particular situations, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice, financial advice and/or the advice of a licensed insurance or certified human resource professional.
© Connelly, Carlisle, Fields & Nichols 2012