SEPTEMBER – Life Insurance Awareness Month

Last updated: September 5, 2017

The Necessity of Life Insurance

The month of September has been nationally designated as a time to highlight the importance of life insurance to American families. Why does this matter? -Because life happens.

Life insurance represents:

1) Protection – financial provision for loved ones should the main breadwinner of that family suddenly pass away. 

2) Peace of Mind – (for the breadwinner of a family) knowing that your family will be financially able to meet their economic needs without you.

According to the Life Insurance and Market Research Association (LILMRA), 70% of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months, if a primary wage earner were to die today. 85% of consumers agree that most people need life insurance.

Interestingly, the research confirms that the percentage of American families carrying life insurance has declined over the years:

·         72% of American families had life insurance in 1960.

·         In 1992, 55% of U.S. households owned life insurance.

·         In 2010, 44% of U.S. household had individual life insurance plans; this figure represents      a 50-year low.

In Kansas, we believe that smart financial planning for the future should begin with life insurance--to ensure not only the immediate and long term economic needs of your family are met, but also to protect your financial assets and everything you have worked so hard to build for your family’s future during your lifetime.

Check out the Kansas Insurance Department’ s website at http://www.ksinsurance.org/ to learn more about life insurance and the important role it could play in your financial and personal life.

Photo by Nathan Anderson on Unsplash

This article is published on KansasMoney.gov. Find more information by contacting these state agencies: