What Is Life Insurance Awareness Month?
According to the 2019 Insurance Barometer Study (Life Happens/LIMRA), only 57 percent of American households have life insurance – yet 40 percent of those without it say they would immediately struggle to pay living expenses if their primary wage earner died.
In other words, most people understand the need for life insurance. So why are so many households underinsured?
Let’s break down some common misconceptions about life insurance:
Myth: I don’t need life insurance.
Truth: Life insurance has many, many uses – uses that most people could benefit from. It can cover bills, pay for funeral costs, replace income in a household, serve as an inheritance for a loved one, fund education goals for a child, provide an important and sizable donation to a charitable organization and so much more.
Myth: It’s too expensive.
Truth: Not really. Many people can be insured for the price of a daily cup of coffee.
Myth: I can always get it later.
Truth: Famous last words, and too often untrue. Age and health can make it tough to get the coverage you want. You may develop a condition that makes you uninsurable – or worse, you may fall victim to a tragic accident.
Myth: I’m too young.
Truth: No one’s too young for life insurance. In fact, the younger and healthier you are, the easier it is to lock in coverage at a great rate – and stay covered. It’s called insurability.
Your turn. Do you have enough coverage? When was the last time you checked?
September is Life Insurance Awareness Month, a nationwide campaign created in 2004. John Nunes Financial & Insurance Services is an organization dedicated to educating consumers on the importance of Life Insurance.