Each year, National Life Insurance Day on May 2 offers a moment to reflect on the essential role life insurance plays in protecting our loved ones and ensuring financial stability. Whether you're currently insured or contemplating coverage, understanding the key aspects of life insurance is crucial for making informed financial decisions. Life insurance doesn't just benefit you—it safeguards your family's future.
Life Insurance is More Affordable Than You Might Think
A common misconception is the prohibitive cost of life insurance, with many individuals overestimating the price by up to three times its actual amount. In reality, life insurance can be a more accessible investment than one might assume, offering peace of mind without breaking the bank.
Fewer People Are Covered Than Before
It is noteworthy that today only 51% of consumers possess life insurance, a notable decrease from 63% in 2011. This decline highlights the importance of regularly reviewing your life insurance coverage to ensure it's sufficient for your needs.
Your Needs Change Over Time
Major life events such as getting married, having children, or purchasing a home significantly impact your financial responsibilities. Consequently, it’s important to review and update your life insurance coverage periodically to adapt to these changes.
Many Feel They Need More Coverage
Around 42% of adults—over 102 million—consider they need or would benefit from additional life insurance. Often, people delay purchasing extra coverage due to misconceptions or procrastination. Understanding the facts can help overcome these barriers and prompt timely action.
Increasing Coverage Is Simple
Adjusting your insurance to meet changing needs is easier than ever. Policy riders and additional plans can facilitate necessary changes. Some policies even offer increases in coverage at key life stages without requiring a medical exam, providing further flexibility.
This National Life Insurance Day, seize the opportunity to examine your life insurance needs, evaluate your options, and make informed choices to secure your family's future. Consult a financial advisor or arrange for a policy review to ensure that your coverage is comprehensive and suited to your ever-evolving life.