Combined Insurance, a leading provider of individual supplemental accident, disability, health and life insurance products, and a Chubb company, is encouraging consumers to educate themselves about the value of life insurance during Life Insurance Awareness Month. Each September, Life Happens, a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, coordinates Life Insurance Awareness Month. The industry-wide campaign is aimed at educating Americans about the importance of life insurance and helping them get the coverage they need.
Research, from the 2015 Life Insurance Marketing & Research Association (LIMRA), found that the number of people who owned life insurance dropped to its lowest level since 1960. Doug Abercrombie, Chief Agency Officer at Combined Insurance said consumers should take some time this month to connect with an insurance agent or financial planner who can talk with them to better understand the life insurance coverage that is right for them.
"Life insurance is one of the most important investments we can make in our lifetime—specifically, when we aren't prepared for the financial impact that comes with the unexpected loss of a family member," said Abercrombie. "A family member's loss is tragic enough and, when that person is an income-producing family member, the emotional loss can have an even further negative impact by the financial loss."
According to LIMRA's research, half of U.S. households feel the financial impact from the loss of their primary wage earner in a year or less, and more than 40 percent do so within the first six months. If an individual would need help paying for expenses upon this type of loss, Abercrombie says they should consider supplemental life insurance coverage.
Recent statistics from LIMRA's 2016 Insurance Barometer show that 64% of consumers do not want to purchase life insurance because they feel that it is too expensive. And at the same time, research shows that nearly two-thirds of Americans say that paying for their mortgage, groceries, and electric bills are preventing them from buying some or more life insurance.
"Many people overestimate the cost of life insurance with LIMRA's research finding that some people estimate the cost to be more than twice of what it actually is. In reality, life insurance is more affordable than a lot of people think," said Abercrombie. "Having life insurance helps pay for utilities, mortgage, groceries, and other living expenses that are left after the passing of a loved one. It provides 'peace of mind' in a time when it is often needed most."
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