September is Life Insurance Awareness Month and is the perfect time to examine your life insurance needs and beneficiary designations. The following list, from the Social Media section of the website LIMRA.com, contains some very interesting statistics:
- 1 in 5 people with life insurance say they do not have enough coverage.
- 1 in 3 people purchased or attempted to purchase life insurance online.
- Approximately 50 million households recognize they need more life insurance.
- The top three reasons Americans give for ‘owning life insurance’ in 2018 are:
- 91% – cover burial and final expenses
- 66% – help replace lost wages/income of a wage earner
- 63% – transfer wealth or leave an inheritance.
As a former financial advisor, I’m always interested in life insurance awareness and the …