NOW is the best time to get life insurance

September is Life Insurance Awareness Month, and LIMRA is raising awareness among consumers and producers regarding the importance of having life insurance.

This is the 12th year of LIAM, and the majority of Americans aren't saving much money. Many households are in debt. People see the value of life insurance, but less than half of all Americans have individual life insurance policies. There is no better time than this month to inform consumers that they need to protect their financial well-being.

Recent research from LIMRA shows that:

Americans want to own life insurance. LIMRA found that six in 10 people own life insurance. Those who don't have it, agree that they need it.

Roughly 132 million people in the United States rely on insurance to protect their financial security. The reasons they have this coverage ranges from covering final expenses and burial services to replacing lost income and helping pay off mortgages.

A big number of Americans - 65 percent - won't buy insurance because they think it is too expensive. Other items, such as groceries and electric/utilities, are given as reasons they cannot afford coverage. Oddly, many of those same people continue paying for cable, Internet and cell phone service.

LIMRA found that half of the households in America would feel a significant impact from the loss of their primary wage earner in a year or less. More than 40 percent said they would feel it within six months, including households with annual income of more than $100,000.

Knowing all this, why can Americans continue not to secure coverage? As an insurance agent, it is your job to help people understand why having coverage is so important. LIAM is the best time to do that! By sitting with clients, you can help them find a product that fits their needs and budget. We suggest helping find ways to cut out "extras" that are not essential on a weekly basis and encourage them to use that extra income to purchase some level of insurance before it is too late.

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