Modern Woodmen of America
09/02/2024 | Press release | Distributed by Public on 09/02/2024 12:00
Life Insurance Awareness Month
Each year, September is dedicated to helping people understand the importance of life insurance. It serves as a reminder to think about your needs and reevaluate your existing coverage.
Currently, 42% of adults state that they need life insurance, or more of it. (LIMRA 2024)
If you're thinking about getting life insurance, your instincts are correct. Life insurance is the foundation of financial planning. It helps protect what's most important and helps you feel secure in case of tragedy.
A financial representative can help you create a plan that fits your family's needs.
Have questions about life insurance? Don't fret - we've got answers. Check them out below!
Do I really need life insurance?
Life insurance provides support to the ones you leave behind. It can:
- Replace income in a household.
- Serve as an inheritance for a loved one.
- Fund a child's education.
- Provide a donation to a charitable organization.
Everyone could benefit from life insurance. Consider the impact you make- providing wages, caring for your family members and friends, volunteering for local causes and more. What would happen if it stopped? Life insurance can help your loved ones avoid financial burdens.
Isn't life insurance expensive?
Do you believe this to be true? You're not the only one. Over half of survey respondents state their reason for not getting life insurance is that it's too expensive. But you'll be happy to know that it's more affordable than you think. Most people overestimate its cost by three times or more!(LIMRA 2024)
The average cost of a term life insurance plan is around $200 per year. (LIMRA 2024)
Talk to a local financial representativeto get a free life insurance quote. They'll work within your budget to develop a plan that's right for you.
Aren't I too young?
The younger and healthier you are, the easier it is to get covered (and stay covered) at a great rate. As you age, you may develop a condition that makes you uninsurable. Getting it now will help protect your insurability.
Many young Americans can see a need for life insurance. Nearly half (49%) of Gen Z survey respondents reported a need for life insurance - showing that it's never too early to think about your future. (LIMRA 2024)
There's no optimal age for life insurance protection. The sooner you're covered, the sooner you get peace of mind. It's that simple.
Who should be my beneficiary?
Your beneficiary will receive the death benefit payment from your life insurance. This can be a spouse, child, sibling, parent or any loved one. Be sure to tell them where to find your certificate (policy) information. Your beneficiary may also help carry out your final wishes.
This is an important step in the planning process, and there are many things to consider.
Take action
Find your local Modern Woodmen representative at www.modernwoodmen.org/find-a-rep/. Schedule a time to review your financial plan, starting with your life insurance protection.
It's especially important to review your coverage (the benefit amount andyour listed beneficiaries) after a major life change, such as:
In the meantime, check out relevant Modern Woodmen programs and member stories below.
Modern Woodmen resources and stories
Life insurance needs calculator
About Life Insurance Awareness Month
Life Insurance Awareness Month is a nationwide campaign created in 2004 by Life Happens. Life Happens' mission as a nonprofit is to give consumers unbiased information to help them make smart insurance choices to protect their loved ones.
Life Happens does not endorse any insurance company, product or advisor.