Life Insurance Awareness Month
September 2010 is Life Insurance Awareness Month
Art Glasgow, Peck-Glasgow Agency, Inc.
September is life insurance awareness month. It is a great time to think about, plan and take action in making sure you and your family’s lives are properly insured. Here are some facts from LIMRA that
are thought provoking. These facts are from LIMRA’s life insurance consumer studies.
1. Fewer consumers are purchasing new life insurance policies. In 2009, insurance companies issued 9.4 million individual life insurance policies. During the mid 1980’s that number
was over twice as much. Buying life insurance has a low priority compared to other financial goals such as paying off debt or saving for retirement.
2. Many Americans procrastinate the purchase of life Insurance. About 7 in 10 middle market households agree life insurance is the best way to protect against premature death of a primary
wage earner. Final expense and replacement of income from the primary wage earner are the two most common reasons that Americans buy life insurance. Getting around to the purchase however seems elusive.
3. Many Households are at risk. LIMRA’s 2010 life insurance study found that 30 percent of US households have no life insurance protection at all.
4. Many U.S. Households are underinsured. Half of U.S. households say they need more life insurance. The highest percentage ever.
5. The struggling economy creates additional challenges. Among households with children under18, 4 in 10 say they would immediately have trouble meeting everyday living expenses if a
primary wage earner died today. Declining job opportunities and higher unemployment have left many uninsured. One in four U.S. households relies only on group life insurance to provide financial protection if a wage earner dies prematurely.
6. Americans want professional help. One in four households plan to buy life insurance for themselves or another household member in the next 12 months, but many are unlikely to follow
through with their plans. Many do not realize how affordable life insurance can be.
In addition to these LIMRA facts, another source for basic life, disability and long term care insurance education information is
www.lifehappens.org. This is an intuitive and engaging site for consumers.
Most importantly, contact a professional to have a discussion about your life insurance needs and take action to put the coverage in place.