Life Insurance Awareness Month Reminds Us To Think About THEM… the loved ones we will leave behind.
This September, as your family settles into a new routine, consider adding an annual life insurance check-up to your to-do list. We understand that finances are tight, but we don’t want your family to get stuck in an even tighter spot – between zero life insurance and employer-only coverage -- this gap of unprotected people is widening. Don’t be one of them!
Here are two significant facts to motivate you:
• About 44% of American households would encounter significant financial difficulties within 6 months if a primary wage earner passed away.
• About 5 in 10 Americans surveyed report not having any life insurance or lacking coverage.
John Carroll, a spokesperson for LIMRA, believes that inflation is the culprit for the downturn in insurance policy sales. 1 While many people are managing rising costs by reducing spending, buying a life insurance policy should not be slashed from the budget! A lack of life insurance will make inflation effects on the family worse if loved ones are left without a financial safety net after the death of a family member.
Also remember that, group life insurance, provided by employers, is limited to a predetermined amount and it's only active if the employee stays with the company. Your best bet is an individual life insurance policy with a death benefit.
Crail, Chauncey. “Life Insurance Statistics, Data and Industry Trends 2023.” Forbes Advisor, 21 June 2023.