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Some Thoughts On Life Insurance Awareness

life insurance

Even though a majority of Americans recognize the importance of life insurance, the fact is that four out of 10 adult Americans have no life insurance at all.

For this reason, each September, Life Happens, a non-profit organization coordinates Life Insurance Awareness Month.

A Complicated Process

Life insurance is typically an important part of estate and asset protection planning. However, determining how much and what kind of life insurance to buy can be complicated.

Life Insurance Provides Security and Peace of Mind

The purpose of life insurance is to provide both peace of mind and security to families that are confronted with the death of a loved one. While the life insurance industry provides protection to 75 million American families there are 95 million adults who have no life insurance at all. And typically those with life insurance have, on average, far less than most experts recommend.

Statistics Show Need For Greater Awareness

There is truly a need for greater awareness of life insurance and its benefits. The following statistics are proof of that need.

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.

Awareness Leads To Understanding

Buying life insurance can seem so overwhelming that many people are tempted to avoid it. This is why most people buy life insurance through agents or financial advisors. As I mentioned earlier, it’s complicated. However, a qualified professional can take you through a process that will help you understand clearly the benefits. A qualified professional will conduct a comprehensive financial needs analysis, and walk you through the multitude of questions you need to consider to determine how much and what kind of insurance is right for you, given your budget.

Take Time To Learn About How Life Insurance Can Benefit You

September was life insurance awareness month and it is a great time to explore how you can bring peace of mind to yourself and your family. However, you can always explore these options any day, week or month of the year. I do encourage you to take action sooner rather than later.

When you’re ready to explore your life insurance options, Call The Elder & Disability Law Firm of Victoria L. Collier, PC for a free 15-minute telephone consultation. We will schedule an appointment to help you determine how much and what kind of insurance is right for you and your budget.