As we emerge from a life-changing pandemic, more and more people are realizing the importance of life insurance.
As of 2023, interest in life insurance is at an all-time high according to the Insurance Barometer Study. About 40 percent of consumers say that they intend to buy life insurance coverage within the next year. The intent to purchase is even more significant in Millennials (50 percent) and Gen Z adults (44 percent).
Despite this, some recent PHP agency reviews say that there’s still a big gap between how many need coverage and how many have it. This is the reason why Life Insurance Awareness Month exists – the goal is to introduce, educate, and help people make the right choices about life insurance.
Below, PHP Agency reviews the significance of Life Insurance Awareness Month in educating the public about the importance of life insurance.
The Importance of Life Insurance Awareness Month
“The pandemic came just as the younger generations were just beginning their careers, getting married, and starting their family,” says head of LIMRA research (Life Insurance Marketing and Research Association) Dr. Alison Salka. “This experience has made them more aware of how important it is to protect their loved ones.”
Indeed, that is the message that Life Insurance Awareness Month, which is observed every September, aims to spread – one shouldn’t wait when it comes to getting loved ones protected.
Here are a few reasons why Life Insurance Awareness Month is important:
Every September, financial advisors, insurance companies, and experts in the industry unite to spread awareness and educate the public on why having life insurance is essential. Tools, resources, and a wealth of information abound during this time to help individuals make informed decisions about their insurance needs.
As part of Life Insurance Awareness Month celebrations, insurance companies offer discounts and special promotions on policies to encourage the public to get insured. This often leads to more people purchasing insurance plans and reviewing their existing coverage to take advantage of the affordable rates and added benefits.
People also take advantage of the free consultations that many insurance advisors offer during this month. It’s an opportune time to get personalized advice from professionals about one’s insurance needs and determine the right coverage for their circumstances.
Life insurance-related local events and community activities abound during this month to help spread awareness, providing the public with plenty of opportunities to learn, inquire, meet, and engage with insurance experts.
The importance of life insurance cannot be overstated – it serves as one’s financial safety net to provide financial protection to loved ones in the event of their passing. Many people are hesitant to talk about such an unpleasant topic, but it’s a vital aspect of financial planning that needs to be addressed.
Life Insurance Awareness Month was established to help the public shift their perspective about getting insured. Getting a life insurance plan coverage provides peace of mind that one’s family can cope financially even after they’re gone – something that simply cannot be replaced.