September is Life Insurance Awareness Month

Approximately 37.5 million U.S. households currently have no life insurance coverage, and nearly half of all households are underinsured, putting them at risk of not being able replace their income and missing out on a valuable financial tool.

As we are winding down Life Insurance Awareness Month here are 10 things you need to know about life insurance today:

1. It’s actually pretty affordable. The top reason people cite for not buying life insurance is it’s too expensive. But it may be possible to get coverage for less than your monthly utility bill.
2. No magic number. When it comes to how much life insurance coverage your family needs, there is no 'magic number.’ We can help you determine how much you need.
3. You can use life insurance now and later. There are flexible policies that also provide ‘living benefits’ to address needs for every stage of life, such as retirement income or charitable gifting.
4. Prepare for care. Certain types of life insurance can be used to help protect against potential long-term care expenses in the future. Start building your long-term care plan with these resources.
5. Life at work. 108 million Americans have employer-provided life insurance. Your employer may offer coverage for free. Plus, you may be able to buy additional coverage there too.
6. Get and keep talent. With fierce competition for workers, life insurance can play an important role in recruitment and retention as well as protecting small businesses. If you’re a small business owner, ask us how we can help.
7. Quicker and easier than you think. It may be possible for healthy individuals to get life insurance in as little as 24 hours and without blood tests.
8. Put a name on it. When naming your beneficiary – the person who receives the benefit of your policy - one isn’t enough. You should consider two more in case the unthinkable happens. But you shouldn’t name minors as outright beneficiaries.
9. Life changes, your policy might also need too. Consider reviewing your policy at least every three years to make sure it still makes sense for you and your circumstances. Case in point: my parents "found" my dad's old life insurance policy -they don't like to think about this kind of thing - and it listed my grandmother as the beneficiary. My mother wasn't anywhere on the policy. I can tell you that if something had happened to my dad, that conversation would not have gone well!
10. Many people say they don't have life insurance because no one has asked them to buy it. So, we're asking: Do you have life insurance? Would you like to learn more about it? Let us know, we can help.