According to LIMRA, a global research and consulting organization serving the insurance industry, up to 30 percent of U.S. households have no life insurance coverage whatsoever. Approximately 11 million fewer individuals have life insurance compared to six years ago.
Throughout the month of September, the LIFE Foundation, insurance industry representatives and companies work together to promote Life Insurance Awareness Month to educate individuals and families on the need for life insurance.
According to Lardy, there are a number of factors that should be considered to determine the appropriate level and type of coverage.
When considering life insurance, evaluate your family’s current lifestyle, living expenses and future needs, such as:
Lardy also emphasizes the need to review an existing life insurance policy every three to five years to ensure it is still the right fit given life changes.
Once the need to secure your loved ones’ future with a life insurance policy is understood, the question now becomes – how much life insurance do you need?
“The most important step is to understand your family’s needs, and become educated about the different types of life insurance available to meet these needs,” said Lardy. “A licensed life insurance agent and your financial advisor can help you determine your best options for long term financial security for your loved ones.”
When considering how much life insurance you need to protect the long term interests of you and your family, carefully evaluate where you are today and what the possibilities might be for the future. Purchasing adequate life insurance coverage that will address changes and uncertainties will help ensure a comfortable future for your loved ones-and peace of mind for you.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.