National Life Insurance Awareness Month
Each September, we celebrate National Life Insurance Awareness month across the U.S. National Life Insurance Awareness Month is an educational initiative for life insurance companies throughout the country to come together and increase awareness about the importance of having life insurance coverage for yourself and your family.
Here are some alarming statistics. In 2018, only about 60 percent of individuals in the U.S. had life insurance coverage, and about 20 percent of those covered felt they did not have adequate coverage for their overall financial situation. Life insurance can be an overwhelming process, but Stuart Woodbury and the team at Low Cost Life Insurance are here to make it easier. Life insurance is important year-round, but having a month dedicated to educating ourselves about it emphasizes its importance both now and in the future.
What to Do During National Life Insurance Awareness Month
Take this as a sign to dig deep into your current life insurance needs and ask yourself if you have enough coverage to protect and provide your loved ones with what they need in the event of your passing. Some questions to consider include:
- Do I have life insurance? If so, do I have enough?
(Recommended amount equals approximately 10x annual income).
If you don’t have life insurance, why don’t you? Do you feel it is too expensive, or that you don’t need it yet? First, you are never too young to have a life insurance policy, and the younger you get your policy, the better rates you’ll have over your coverage period. Second, our team will work with you to find an appropriate policy for your needs with an affordable premium.
- When did I purchase my policy?
And when was the last time you reviewed it to make sure your most current needs are covered? Or do you have a term policy that is up for renewal soon? Think about how your needs have changed since purchasing or the last time you reviewed your policy, and work with our team to update it!
- Who is my beneficiary?
Does your listed beneficiary still make sense? Is there anyone else you would like to add, either as another primary beneficiary or a contingent beneficiary? Did you recently create a new trust and remember to change the beneficiary to this new trust?
- Do I fully understand my policy and the details of my coverage?
Making sure you understand what your policy means, and the coverage it offers, helps you feel confident in the policy you purchased and the benefits for your family in the event of your premature death.
If you don’t know the answers to these questions, don’t worry! You’re not alone. Stuart Woodbury and the team at Low Cost Life Insurance are here to help you through this process!
24-Hour Life Insurance Policy
As we’ve discussed, having life insurance coverage is important for your and your family’s peace of mind. Did you know in some instances life insurance carriers now offer life insurance coverage available in 24 hours? Stuart Woodbury and the Low Cost Life Insurance team have these 24-hour life insurance policies available for those who qualify.
Here’s how the process works. Once you have completed your electronic application for the desired life insurance policy, we will submit it to the respective insurance company to begin the underwriting process to see if you qualify for our “online platform” which may not require a medical exam and offer an approval in 24 hours or if your application will be processed using our traditional underwriting platform which will include a medical exam. The traditional underwriting process will take approximately 30-45 days to complete. Either way, the process is pretty simple and straightforward.
Reach out to the Low Cost Life Insurance Team
The Low Cost Life Insurance Team is here to help you year-round, not just during National Life Insurance Awareness Month. Our core goal is to offer the very best in customer service for all of our clients. We take the responsibility of covering you and your family very seriously and are here to help you for years to come. Reach out to our team today to receive a free, personalized quote.