September is Life Insurance Awareness Month

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This issue of Ameritas For You is dedicated to raising awareness about the importance of having life insurance coverage. The need for life insurance often starts with a desire to provide for those left behind after a death. But life insurance can do more and is an important part of a complete financial strategy. It’s important to help your clients understand life insurance and all it can do. 

The 2022 Insurance Barometer Study provided by LIMRA, reveals 4 in 10 families would face financial hardship within six months should the primary wage earner die unexpectedly — a quarter would struggle financially within a month. Lack of knowledge may be preventing people from acting:

  • The top reason people give for not owning life insurance is that it is too expensive. Yet three quarters of Americans think it’s three times more expensive than it actually is.
  • One quarter think their workplace coverage is enough — but the median basic coverage offered by employers is either $25,000 or 1x salary — far less than what’s recommended for income replacement.
  • More than half of underinsured Americans (54%) say they have put off purchasing coverage because they don’t know what to buy or how much they need and just 3 in 10 say they are very or extremely knowledgeable about life insurance. 

Sharing Infographics

Infographics can be a fun and easy way to communicate. Consider using these infographics to show clients how life insurance plays a role throughout a lifetime, revealing surprising facts about life insurance and dispel common misconceptions about life insurance. You may want to share the following information with your colleagues too so we can continue to educate all Americans on the importance of life insurance.

Insurance Needs Analysis 

For clients, determining how much life insurance they need can be one of the roadblocks to applying for coverage. Using this fillable fact finder with your clients to help evaluate their current situation and determine their future needs.