September is Awareness Month for Life Insurance – The global epidemic highlighted the fragility of life and the necessity of being prepared for the unexpected. According to study conducted by LIMRA, 31% of Americans are more inclined to get life insurance as a result of COVID-19.
- This is much greater across other demographic groups, such as Millennials (44%), African-Americans (38%), and Hispanics (37%).
- Additionally, our study indicates that life insurance owners are more likely to feel financially secure.
- Nearly two-thirds of insured Americans report feeling financially secure, in contrast to less than half of those without insurance.
Overall, 41% of Americans report having inadequate life insurance coverage. Numerous underserved markets have significantly stronger insurance requirements, such as: 44% of women feel they have a coverage gap in their life insurance.45% of Asian Americans feel they require further coverage 47% of Millennials do not have adequate life insurance coverage.48% of African-Americans say they lack enough life insurance.50% of LGBTQ+ Americans think they require coverage (or require additional coverage).
This is becoming increasingly important since LIMRA data indicates that four out of ten households would experience financial trouble within six months if the principal pay worker died. For one in five, it would be within a month. Engaging the diverse markets demands an awareness of their life insurance perspectives.
Take this quiz to assess your knowledge of the various industry segments. At least 106 million Americans do not have enough life insurance coverage. To assist raise awareness of the widening coverage gap in the United States, LIMRA joined seven trade groups and 76 life insurers and distributors in launching the ” Help Protect Our Families ” campaign.
Is October Life Insurance Education Month?
September is National Life Insurance Awareness Month, which serves as a fantastic reminder of the significance of this tool and the impact it may have on a family or business following the loss of a loved one, key employee, or owner.
Contributing to your children’s higher education Assisting with additional responsibilities, such as caring for aged parents Beyond the coverage amount, certain types of plans may also provide the following: There are tax advantages of life insurance, because death benefit distributions are normally tax free; and certain plans include provisions that can aid transfer money to heirs with fewer tax penalties.1 Some plans contain a cash value that grows over time 2 and may be used to pay premiums later, or even dipped into to help live on in retirement.3 Life insurance may sometimes be packaged with other forms of protection, such as disability insurance to replace a portion of your pay if you’re unable to work.
Why is October a month of awareness?
Each month, we highlight a handful of National Health Observances (NHOs) that promote our aim to improve health in the United States. In October, we are promoting health literacy, breast cancer awareness, domestic violence awareness, and youth sports awareness.
To make it easier for you to participate in the dialogue, we’ve compiled some materials you may use to spread the word. We hope that you will promote these NHOs to your networks and assist us in advocating for better health across the nation! Health Literacy Month The Institute for Healthcare Advancement hosts Health Literacy Month in October in an effort to integrate and grow the health literacy goal.
Check out our MyHealthfinder service to link individuals with information that will help them manage their preventative health requirements. It’s also a fantastic opportunity for health professionals to examine our health literacy tools to uncover techniques for communicating health information in a way that everyone can understand and apply.
- Be sure to check our bespoke Healthy People 2030 health literacy aim list to learn about national health literacy improvement goals.
- October is National Breast Cancer Awareness Month to increase awareness about breast cancer.
- Share our user-friendly MyHealthfinder tools to urge people to have breast cancer screenings and discuss mammograms with their doctors.
And make sure to familiarize yourself with the Healthy People 2030 Cancer goals to understand about the nation’s progress in reducing new cancer incidence. National Domestic Abuse Awareness Month October has been designated as National Domestic Violence Awareness Month in order to raise awareness and draw attention to efforts to prevent and address domestic violence.
Check out and distribute the Office of Women’s Health’s domestic and intimate partner abuse materials. Checking the Healthy People 2030 Violence Prevention Objectives will keep you abreast of the prevention of violence’s progress. Consider disseminating our MyHealthfinder advice for identifying interpersonal abuse.
National Youth Sports Week This year, from October 24-29, the National Council on Youth Sports will celebrate National Youth Sports Week, a time to highlight how communities may promote healthy lifestyles for children and families via sports. Share our National Young Sports Strategy, the first government road map with actionable actions to increase youth sports participation.
- Additionally, you can utilize our National Youth Sports Strategy Partner Promotion Toolkit and Move Your Way example social media messages and images to urge parents to make their children more active.
- Check out the Healthy People 2030 Physical Exercise goals if you are interested in national initiatives to enhance health, fitness, and quality of life by regular physical activity.
Lastly, make sure to share our Play for Fun, Build Skills for Life video, which shows the numerous advantages of sports beyond physical health, such as teaching children collaboration, concentration, and other essential life skills. We hope we’ve made promoting these NHOs quick and simple! Together, we can enhance community health throughout the United States.
We tend to feel we do not need life insurance because we are youthful and healthy as millennials. The majority of us are career-driven, and it is true that we may be so preoccupied with trying to save for the future and our rising obligations that it may seem premature to contemplate dying.
When it comes to future planning, however, we need insurance more than we believe we do, particularly when faced with obligations. Frances Chua, one of the longest platinum qualifiers in 2021, provides ten reasons why you should acquire one if you’re considering it: 1. Everyone requires protection, regardless of age.
We may now believe that we are youthful and healthy, but no age is immune to accidents and diseases. As the adage goes, prevention is preferable to treatment. We require protection just as much as the elderly do.2. It is more inexpensive. Being young means we are considered low-risk clients, which may result in cheaper prices, and a healthy lifestyle can be even more advantageous.
- This is more appropriate for insurance premiums, as the application is processed without rating.3.
- Two birds with one stone: protection and investment.
- We tend to favor investment above protection when planning for the future, yet we can do both.
- Insurance protects us and our property, but it may also be used as an investment vehicle.
“Plans like Sun Life’s VUL funds are an excellent starting point because they give both,” recommends Chua. “Alternatively, you may choose the more inexpensive Fit and Well plan, which covers critical illness even if you’re young and healthy.” Insurance is our spare tire.
- Imagine you are driving your automobile someplace, but you do not have a spare tire.
- When you have a flat tire, you will encounter additional barriers on the way to your goal, such as higher service fees and the like.
- This is what insurance symbolizes; it assists us in achieving our objectives despite unanticipated obstacles.5.
When planning for the future, get 10 steps ahead. As career-oriented individuals, we tend to become competitive and eager to achieve our objective. With an insurance coverage, we are 10 steps ahead of the game. In addition to securing our future, we are accumulating extra savings.6.
- Low-income populations are also catered to by life insurance.
- When juggling household duties and inadequate income, it might be challenging to consider spending money.
- But insurance does not have to be a financial burden.
- Companies such as Sun Life provide whole life policies with fixed rates and term insurance that is ideally suited for low-income individuals.
Don’t be concerned; we all have the right to protection.7. A reserve from your employer’s insurance. You may be an employee with covered insurance, but it may not always be adequate. And if you leave your employment, you cannot take the benefit with you.
- Therefore, it is optimal to have a backup.8.
- Avoid pricey funerals.
- We recognize that burials and funerals are an integral part of Filipino culture, but they are becoming increasingly costly.
- Insurance covers this cost.
- Whether you have dependents or not, it is preferable to protect your family from funeral expenses.9.
Save your loved ones from debt. As we strive for a secure future, both debts and accidents are inevitable. Insurance coverage can keep our family’s debts from stacking up in the case of a catastrophe. If we die, we may allow our loved ones time to grieve without burdening them with our financial obligations.10.
- Protect your family’s way of life.
- Some of us are breadwinners, while others start families at an early age.
- When we die, we take our earnings with us.
- When they are financially reliant on us, it is as crucial to consider their future, but their physical presence is more important.
- In the event that we are no longer able to provide for our family, the appropriate insurance coverage will cover expenditures and ensure that their standard of living is maintained.
Whether we are young and healthy or have dependents or not, planning for the future should be of the highest importance. “He is a candidate for insurance if he is responsible, loves his family, and has aspirations for his loved ones,” Frances Chua adds.
Frances Chua is a Sun Life Financial Advisor with IQA certification. Visit the Sun Life website at https://www.sunlife.com.ph/en/ for more information and inquiries. Spotlight is a sponsored section of BusinessWorld that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories directly on the BusinessWorld website.
Send an email to [email protected] for additional details.
Is October awareness month for life insurance?
Every September, the industry, under the leadership of Life Happens, sponsors Life Insurance Awareness Month. This campaign aims to educate consumers on the significance of life insurance and its role in maintaining the financial stability of families.