September Is “Life Insurance Awareness Month”
Life Insurance Awareness Month was implemented by the nonprofit organization ‘Life Happens’ in 2004 to increase awareness about the crucial role life insurance plays in providing financial security for families. While this initiative has been in place for a little over 20 years, life insurance as a concept dates back for centuries. In fact, the first life insurance company in the United States was established in 1759 to support ministers’ widows and children.
Life insurance is more affordable than most people think. A common misconception is that life insurance is too expensive. In fact, the LIMRA study shows that many Americans, especially younger individuals, overestimate the cost of life insurance by up to three times. This unfortunate misunderstanding can cause families to delay or avoid purchasing coverage, putting them at risk of financial strain in the event of an unexpected loss.
I know that our lives are very busy; I understand completely. Between balancing work, family, and other obligations, there’s often little time left in our schedules to fit in additional tasks. With that said, stop for just one moment and think about everything you do, why you do it, and the people you are doing it for.
You go to work every day earning a paycheck to ensure that the mortgage or rent is paid, giving your family a place to call home. You set a budget and save so that your children can go to college, and so that you can have a comfortable retirement. The fact is that when unexpected events occur, life can change in an instant. According to the Life Insurance and Market Research Association Study in 2022, 49 percent of respondents said they have no life insurance at all, and 22% who are insured believe they need more coverage.
Begin the process by calculating your life insurance needs. Believe it or not, life insurance is versatile, offering financial support for various needs-from daily expenses to paying off debts, saving for education, and business insurance needs. Yes, most Buy-Sell agreements are funded by life policies, and key-person insurance is also utilized via a life plan.
Contact your local life insurance agent today for a free, no hassle life insurance assessment and quote. Already have coverage in place? I recommend that you contact your agent and set up a review. Life changes over time, and so does the coverage needs for you and your family. If you don’t have a local agent, please feel free to reach out to Craig or Kathy Davis. Our slogan for the past 25 years has been “Let Our Family Serve Your Family’s Insurance Needs,” and that includes your life insurance needs.
Call your agent and ask for an insurance review today, as you never know what their office can do for you. If you don’t have a local agent to reach out to, please feel free to contact our office. We would be happy to assist you with your insurance needs. We have a local office right here in Temecula, so call us today at (951) 699-1776.
*This article was originally posted in The Valley Business Journal
