It’s Life Insurance Awareness Month
September is Life Insurance Awareness Month, a month-long, industry-wide campaign to raise awareness of and provide information about this important and versatile financial product. First Financial Security is joining forces with other organizations, including the non-profit Life Happens, to help close this country’s life insurance coverage gap.
Industry leader, LIMRA, found in its 2016 Trends in Life Insurance Ownership study that 48% of households (60 million) have an average life insurance coverage gap of $200,000, which amounts to more than $12 trillion in total market need. In that same story, Robert Kerzner, President and CEO for LIMRA, LOMA and LL Global said, “37 million American families are completely uninsured and at financial risk if the primary wage earner dies unexpectedly.”
More than 7 in 10 American households say a reason they have not bought more life insurance is because they have other financial priorities right now. Nearly two thirds say they cannot afford it.
There is confusion surrounding life insurance, and many people don’t know where to turn. First Financial Security believes that by educating people about the types of insurance, what it can do, and how much it costs, they’ll be in better position to make smart decisions about what to purchase to help achieve financial security.
Check back here throughout September for videos, articles, infographics and other posts chocked full of information about life insurance.
Source for all statistics: LIMRA’s 2016 Trends in Life Insurance Ownership study.