We’re already mid-way through September, and we’ve neglected to mention that it’s Life Insurance Awareness Month. While there are no greeting cards or themed foods to celebrate this, we agree that this is an excellent time to review your life insurance policy, and consider adding coverage. If you don’t have a life insurance policy, it’s never too soon to consider it.
What else should you know before you go shopping for life insurance? Well, most experts agree that a significant number of Americans are underinsured. More specifically:
- Half of U.S. households say they need more life insurance. This is the highest such number ever, and represents about 58 million households.
- 11 million households with children under the age of 18 – the very demographic that needs it most – has no life insurance at all.
- Only 44% of American households have individual life insurance, and this number represents a 50-year low.
- It’s not just the economically challenged who are underinsured. One third of all households considered affluent (annual income over $100,000) say they don’t have enough life insurance coverage.
If those numbers represent your situation, consider this: the best way to celebrate Life Insurance Awareness Month is by making sure you and your family have life insurance.