September Topic of the Month: Life Insurance Awareness Month
Life Happens and other industry organizations come together every September to sponsor Life Insurance Awareness Month (LIAM). In 2021, during the midst of the long-lasting COVID-19 pandemic, conversations about loss are all too prevalent, and many are learning how hard it is to be financially unprepared for sudden loss. It’s important to prepare for unexpected events in our lives, and though no one wants to think about it, our passing is something to prepare for, because a lack of preparedness hurts our loved ones most. This month, we join Life Happens and other industry thought leaders in encouraging more Americans to invest in life insurance coverage and make sure you’re protecting your loved ones in the future.
LIMRA’s research demonstrates that 42% of households would struggle financially within six months of a wage earner’s unexpected death. Even more concerningly, 25% of households would struggle financially within just one month. These are substantial percentages of American families, and proactively obtaining life insurance coverage can drastically lower these numbers.
Purchasing coverage can do many different things. First and foremost, life insurance provides funds to ensure your loves ones can pay for any end-of-life ceremonies you desire. This money is paid out upon death, unlike other systems that may have to go through probate, and your loved ones will have those funds sooner, often eliminating or lowering the financial burden that accompanies the emotional burden of loss.
Beyond planning for the arrangements to be made upon your passing, life insurance can allow your loved ones to pay off debt, take care of their futures, and provide some sense of security to those you will no longer be able to support with your presence. Sure, life insurance offers financial security, but most importantly it can give you piece of mind that you are supporting your loved ones even after you are gone.
This September, consider how you can join the ranks of life insurance policy holders and help us lower the number of households that would experience financial hardship upon the death of a wage earner. To discuss your options, call Orsinger Investment Group, Inc. at (724) 588-9067.