September is Life Insurance Awareness Month, a nationwide initiative conducted throughout the month by the Life and Health Insurance Foundation for Education (LIFE) according to AAA Wisconsin. Their theme for the awareness campaign is “Life Doesn't Have To Be A Gamble.”
According to LIMRA, an industry research group, 30 percent of U.S. households have no life insurance coverage and according to LIFE, there are 11 million fewer American households covered by life insurance compared to those who were covered just six years ago.
The reality is many families either have no life insurance or not enough to sustain them during unforeseen circumstances such as an accident or terminal illness. This lack of coverage could lead loved ones into financial catastrophe.
“It's a topic most people shy away from talking about, but it is vitally important for everyone to evaluate their life insurance needs so they can ensure a solid financial framework for their family,” says AAA Regional President Tom Frymark. “By having the proper coverage, you and your family can rest easier knowing your loved ones would be taken care of if something were to happen to you.”
- AAA recommends that consumers assess their life insurance needs during September. AAA Life offers a free, no-obligation life insurance needs analysis that is available in person at AAA Wisconsin offices statewide or online at AAA.com.
According to program designers, the needs analysis helps determine the amount of life insurance protection consumers may need by estimating costs associated with major expenses. These include medical, legal, burial and other costs as well as mortgage requirements, income replacement, education, retirement income and other special or emergency expenses such as home repairs, medical bills, etc.
Always consult a financial planner before making any decisions about future investments such as life insurance. It's always smart to shop around. Don't be pressured into singing on the dotted line immediately.
Take a copy of the proposed policy and make sure it fits your every future needs before committing to anything. Always read the fine print and always be sure to verify a companies references to make sure they are legitimate and not a “fly-by-night” company that will take your money today and be gone tomorrow when you really may need them.
There are some limitations to life insurance policies and many do not pay out until you've been enrolled for at least two years. Preexisting health conditions and sometimes credit ratings may affect a companies decision to underwrite your policy or not. Be a smart consumer and know all the facts. Always remember, if it sounds too good to be true, it just might not be good for you at all.
The preceding is not a commercial endorsement for any company or its products or services. It is intended solely for information purposes only. The author and website are making no commercial endorsements and are not to be held liable as such.