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Many Americans recognize the importance of life insurance, and recent trends confirm this. According to the 2023 Insurance Barometer Study, interest in life insurance is at an all-time high, with 40% of consumers planning to purchase coverage within the next year. The challenges brought by the COVID-19 pandemic have highlighted the unpredictability of life, especially for younger generations who are just beginning their careers, starting families, and establishing their futures. As Alison Salka, Ph.D., head of research at LIMRA, points out, “The realization of how precarious life can be may have made them more aware of the need to protect their loved ones.”

Even with this heightened awareness, there remains a significant gap between those who need life insurance and those who actually have it. That’s why Life Insurance Awareness Month (LIAM) exists—to help bridge this gap. Every September, LIAM aims to educate people about the importance of life insurance and guide them in making informed coverage decisions.

Here’s what you should know about Life Insurance Awareness Month and your coverage options:

1. Life Insurance Awareness Month has been educating Americans for nearly two decades.

Since its inception in 2004 by the nonprofit organization Life Happens, Life Insurance Awareness Month has sought to increase awareness about the crucial role life insurance plays in providing financial security for families. While this initiative has been in place for almost 20 years, life insurance as a concept dates back centuries. In fact, the first life insurance company in the U.S. was established in 1759 to support ministers’ widows and children.

Today, the life insurance industry has evolved with modern tools, offering online shopping, pricing, and even no-exam policies to make coverage more accessible for today’s families.

2. Life insurance is more affordable than most people think.

A common misconception is that life insurance is too expensive. In fact, the LIMRA study shows that many Americans, especially younger individuals, overestimate its cost by up to three times. This misunderstanding can cause families to delay or avoid purchasing coverage, putting them at risk of financial strain in the event of an unexpected loss.

3. The right time to get covered is now.

While Life Insurance Awareness Month is in September, there’s never a wrong time to secure life insurance. Life Happens’ 2020 campaign emphasizes that life insurance, like home or car insurance, requires foresight—once you need it, it’s too late. Studies show that nearly one in three families would face financial challenges within a month of losing their primary wage earner, yet almost half of U.S. adults remain uninsured.

We encourage you not to wait—protect your loved ones today with the right coverage.

4. Start by calculating your life insurance needs.

Life insurance is versatile, offering financial support for various needs—from daily expenses to paying off debts, saving for education, and more. At PrimeGroup Insurance, we recommend calculating your specific needs to determine the right amount of coverage. Consider factors like your debt, savings, dependents, and how long your family would need financial support.

5. Already have coverage? Annual reviews are key.

Life changes, and so should your life insurance. Whether it’s marriage, a new job, buying a home, or welcoming children, these milestones might require updating your policy. A periodic review ensures your coverage reflects your current life circumstances. Additionally, remember to check your beneficiaries and ensure your loved ones know how to access your policy.

At PrimeGroup Insurance, we’re here to provide guidance every step of the way. While Life Insurance Awareness Month happens just once a year, the need for financial security is ongoing. Contact us to learn more: 844-631-4901 or info@primegroupins.com