More than 102 million Americans (42%) say they need life insurance or more of it, with many hesitant to purchase a policy due to a lack of understanding, according to the 2024 Insurance Barometer Study by Life Happens and LIMRA.
Life Happens is committed to educating people about the importance of life insurance to close this knowledge gap, which is why the national nonprofit continues to celebrate Life Insurance Awareness Month (LIAM) each September.
To help combat the lack of understanding around life insurance, Life Happens prioritizes creating and communicating educational information that is easy to understand for consumers. One of its most-used tools is the Life Insurance Needs Calculator, which gives consumers a good working understanding of how much life insurance they may need. Additionally, social media plays a key role for the nonprofit, as they found via the Barometer Study that 59% of people use social media when seeking information on financial or insurance products, highlighting the significance of sharing educational content on social media.
To that end, Life Happens will be featuring an array of social media influencers on Instagram throughout September, engaging audiences in an intimate way to highlight this year’s LIAM theme: “Life insurance … for when life happens.” These influencers will highlight the importance of life insurance to a diverse array of underserved communities, such as Black Americans and the LGBTQ+ communities, as well as groups like Millennial parents who may realize they need more coverage.
According to the study, younger adults (Gen Z and Millennials) are more likely than the general population to say they need (or need more) life insurance, representing the largest opportunity for the industry. More than 54 million younger adults say they live with a life insurance coverage gap.
To further call attention to the importance of life insurance, Life Happens will be announcing a survey, conducted by Talker Research, that takes a fun pulse on Americans’ view of adulthood and financial responsibility with the hopes of motivating readers to jumpstart their financial journey earlier in their lives and make finances more approachable.
“Life Happens wants to emphasize how great life insurance is in setting you up for success financially,” said Brian Steiner, Executive Director at Life Happens, “With so many Americans needing life insurance or more of it, it’s important to show how easy and affordable it is to protect your loved ones financially. That is why we’re excited to work with influencer partners this LIAM to shed light on why life insurance is for everyone, everywhere – for when life happens.”
To stay up to date on this month’s LIAM activities, the new survey and influencer partnerships, visit LifeHappens.org and follow Life Happens on Facebook, Instagram, LinkedIn and TikTok.
Life Happens, part of the NAIFA community, is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor.
SEE ALSO:
• Americans Know Life Insurance Basics, But Most Still Lack Coverage
