LIMRA Supports Life Insurance Awareness Month
According to the LIMRA website, this is the eighth anniversary of Life Insurance Awareness Month. The month of September is dedicated to educating consumers on the importance of life insurance products and it's a group effort between insurers and LIMRA. A recent study conducted by LIMRA in 2010 revealed that about 30% of Americans households do not have life insurance protection. In addition to this, 58 million people do not have enough insurance which could make them very vulnerable if something were to happen. LIMRA wants consumers to know how this can impact their family and they truly believe every American should understand the importance of life insurance.
Life insurance has been part of America's history for over 200 years. It's been a vital part of financial security, but many people still choose to go without the protection. LIMRA put together a fact list about life insurance to help Americans understand the role it plays in financial plans. The list points out that the proportion of US adults with life insurance has dropped to an all time low and both men and women are less likely to own life insurance today than they were in 2004. Of the people with coverage, only 1 in 10 own both permanent and term life insurance which is half as many as 2004.
There seems to be some troubling declines for men specifically. Men ages 35 to 54 have seen bigger declines in life insurance over the past decade. This needs to be address because in general, middle aged men have family and are making the most money. Since 2004, the chances of husbands having life insurance has dropped across all income levels including low, middle and high. Women of all ages average lesser amounts of life insurance when compared to men of the same ages. Women with bigger incomes of $100,000 are less likely to have life insurance when compared with men of the same incomes. Again, this needs to be addressed to make things more equal because both genders need life insurance. LIMRA continues to work hard to get education out to all age groups, all income levels and both genders and Life Insurance Awareness month is a great time to pay attention.