Congress has proclaimed September “National Life Insurance Awareness Month,” and most states are making similar proclamations. More than 100 insurance companies and industry trade groups are expected to participate in the National Life Insurance Awareness Month campaign.
While many Americans recognize that it is important to protect loved ones with life insurance, far too many lack adequate coverage. National Life Insurance Awareness Month is intended to prompt Americans to assess their life insurance needs. This is a great time to learn more about how life insurance can benefit you and your family.
Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals.
According to the 2019 Barometer study by Life Happens and LIMRA:
- 66% of people recognize a need for life insurance yet many do not have adequate coverage.
- Over 50% of Americans overestimate the cost of a term life insurance policy by 3 times or more than its actual cost.
- 40% of American families without life insurance would experience significant financial issues if the primary wage earner passed on.
Term life insurance
Term Life Insurance allows you to buy life insurance protection during the years you need it most (i.e. your “term”). Once the term ends, so does your coverage. Depending on your unique situation, you may be able to get a term life insurance policy at an affordable rate for less than you thought.
Accidental Death and Dismemberment Insurance (AD&D Insurance)
To get approved for a term or universal life insurance policy, you generally need to take a medical exam and complete a health questionnaire. If you’re looking for an option that doesn’t require either one, you might consider Accidental Death Insurance (AD&D Insurance).
It’s designed to help protect you and your family if you are seriously injured or killed in a covered accident.
Although it’s not a life insurance policy, it does provide some level of coverage for those who might otherwise have none. Some people even opt to buy it in addition to a traditional life insurance policy.
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Contact The Benefits Store today for your insurance needs!
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