Industry nonprofit Life Happens, the official sponsor of Life Insurance Awareness Month, is asking people to #TakeThePledge this September to put loved ones first on life’s journey.
The journey to financial fitness means different things to different people. And that’s the way it should be, Life Happens says. But it can also seem overwhelming, looking down the long road ahead. You may be asking yourself, how should I begin?
During September’s Life Insurance Awareness Month, Life Happens is asking its community to take that first step… with the following pledge:
Life Happens is asking insurance professionals to share this promise on your social media accounts all month long during LIAM. Use the hashtag #LIAM18 and #TakeThePledge and when people in your community ask you what the promise is all about, direct them to this page and talk to them about financial fitness and life insurance.
And here’s a roundup of how other companies and organizations are celebrating Life Insurance Awareness Month – and providing resources to help educate consumers along with it.
Just how important is life insurance?
According to LIMRA research, 35% of households would have financial difficulty within one month of a primary wage earner passing. Despite 59% of consumers having some type of coverage (individual or group), about 1 in 5 of those owners say they don’t have enough.
The No. 1 reason consumers gave for not owning any or more coverage was cost, with 63% of consumers saying life insurance was too expensive. However, research shows that consumers tend to overestimate the cost of life insurance. Most consumers tended to overestimate the cost by three times its actual amount. Additionally, almost half of Millennials overestimate the cost of life insurance by five times the actual amount!
In the latest episode of LIMRA Unplugged, LIMRA Research Director Alison Salka reached out to some life insurers to get their viewpoints on the importance of life insurance. Mike Fanning from MassMutual, Salene Hitchcock-Gear from Prudential, and Andy Bucklee from Lincoln Financial Group help answer important questions like who needs life insurance, why don’t all consumers purchase it and how much life insurance is enough?
In support of the Life Insurance Awareness Month (LIAM) campaign this September, LIMRA has put together facts, charts, and other resources – including the video mentioned above – in one place to help spread the word about this important campaign. To view these resources, please visit LIMRA’s 2018 LIAM landing page.
About LIMRA: LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 600 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.
Our Life Covered puts LIAM focus on Millennial Moms
Our Life Covered, created by RGAX to empower women to learn about life insurance, believes it is most important this Life Insurance Awareness Month to reach out to Millennial Moms, one of the most underserved populations in the U.S.
For too long, women ages 25 to 44 thought they were too young to even consider life insurance. But Our Life Covered knows that in reality, anyone having a baby, getting married or carrying debts or student loans should consider having life insurance.
Millennial women – and especially Millennial Moms – are often the main financial decision-makers at home and have massive purchasing power. However, these younger women may not be aware that their premiums would typically be lower because they are often at the peak health of their lives.
Donna Jermer, Our Life Covered Vice President and head of digital distribution for RGAX, has seen first-hand the effects of unexpected tragedy on young mothers. Her goal is to empower women to be able to look out for their loved ones themselves.
“The vast majority of women want to be financially independent and want to know that they can take matters into their own hands,” said Jermer. “We want women to understand that life insurance exists as a means of combatting poverty and a way to better protect their family. It gives them, above all, peace of mind.”
Jermer noted that life insurance can help cover everything from final expenses, to student loan debt, to the mortgage on a family home. It can provide security for business partners and spouses while helping ensure that your kids can go to college without the heavy burden of their own loans.
Our Life Covered helps women through the entire process – not just purchasing coverage, but educating and engaging with women after the policy is issued to help them holistically live longer, healthier, more financially secure lives.
About Our Life Covered and RGAX: Our Life Covered empowers women to learn more about how life insurance can help provide peace of mind and help protect the people they love. With digital processing to help provide the education and resources necessary to get coverage quickly and easily, Our Life Covered has a team of human experts just a click or phone call away. For more information, please visit www.ourlifecovered.com.
RGAX is the transformation engine of Reinsurance Group of America dedicated to fusing industry expertise and outside capabilities. RGAX is working with insurance clients to deploy consumer marketing campaigns designed to help people live longer, healthier, more financially secure lives. One of the marketing programs, Our Life Covered, has created “women-centric” messages about life insurance and provides educational support and multiple rates for life insurance companies. For more information, please visit www.RGAX.com.
ACLI supporting LIAM
The American Council of Life Insurers (ACLI) proudly supports Life Insurance Awareness Month, an annual event sponsored by LIFE Happens each September to educate Americans on the important role life insurance plays in policyholders’ lives and in the nation overall.
“There are few things more important than the financial security of American families,” said ACLI President and CEO Susan K. Neely. “The life insurance industry is hard at work providing products and services that offer families the foundation needed to maintain their standards of living, in retirement and when the unexpected happens.”
Throughout September, ACLI will feature information on its website, www.acli.com, about the life insurance industry, its benefits to American families, and its vital role in the U.S. economy. ACLI’s website also will feature links to personal stories on the difference life insurance has made in people’s lives.
The website also provides fact sheets on how the life insurance industry benefits American families and the economy in every state. The individual stories and data tell a familiar story: America’s life insurers are helping families build better futures.
“Every day, the life insurance industry provides products and advice that allow people to make informed financial choices, save for the future, protect their families, and contribute to our society. In fact, 90 million American families count on life insurers’ products,” Neely said.
Life Insurance Awareness Month also provides an opportunity for ACLI and the entire industry to highlight a mission it has fulfilled for generations: helping Americans obtain long-term financial peace of mind.
About ACLI: The American Council of Life Insurers (ACLI) advocates on behalf of 290 member companies dedicated to providing products and services that promote consumers’ financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind. ACLI members represent 95% of industry assets in the United States. To learn more, visit acli.com.
IntelliQuote celebrates LIAM
IntelliQuote, a digital life insurance agency based in El Dorado Hills, Calif., is taking part in celebrating September 2018 as Life Insurance Awareness Month. The theme of 2018’s celebration is “Journey to Financial Fitness.”
Life Insurance Awareness Month is a campaign originated by Life Happens, a nonprofit focused on helping Americans to find the best life insurance and related offerings.
IntelliQuote is proud to partner with Life Happens to bring more awareness to the importance of life insurance. This year’s Life Insurance Awareness Month spokesperson will be former professional racecar driver Danica Patrick.
“We’re ecstatic to join Life Happens in celebrating Life Insurance Awareness Month,” said Carey Wolf, Vice President & Business Unit Leader at IntelliQuote. “Having a healthy financial portfolio doesn’t happen overnight; it’s the result of making numerous good decisions over time. One of the most important steps to financial fitness is purchasing life insurance so you can ensure that your loved ones are taken care of now and in the future. Danica Patrick is an incredible spokesperson to have on our side, and we’re thrilled to watch her incredible message unfold.”
“Journey to Financial Fitness” was chosen as this year’s theme in an effort to help Americans see that life insurance is a crucial part of their lives. Like fitness, planning for the financial future is an essential part of American life, and failing to keep track of financial concerns or life insurance needs can be detrimental to all involved. By purchasing life insurance and looking ahead, customers ensure that they’re not only taking care of their own responsibilities, but taking some stress off their loved ones as well.
IntelliQuote is a digital insurance resource. With a sizable team of experienced, licensed life insurance agents and a comprehensive directory of policies across the best insurance carriers, the brand helps customers connect with the best insurance policies and rates across the country. For more information about life insurance or to get a quote for term life insurance from some of the nation’s top providers, visit https://www.intelliquote.com.
About IntelliQuote: Since 1997, IntelliQuote has offered a convenient way for consumers to compare, shop and save on insurance. IntelliQuote has remained dedicated to offering all the information needed for consumers to make an informed insurance purchasing decision. Learn more about the company at https://www.intelliquote.com