As Life Insurance Awareness Month comes to an end, LIMRA is highlighting some key facts about life insurance and its impact on Americans:
- Life insurers paid out $63 billion in death benefits and $72 billion in annuity benefits in 2012, according to ACLI.
- 7 in 10 U.S. households own life insurance.
- 58 million — or half of U.S. households — say they need more life insurance.
- Individual life insurance owners plan to use that insurance, more than any other source, to provide for their families in the event of their premature death.
- 95 percent of life insurance beneficiaries are satisfied with the claims experience.
- Households that purchase a combination of both term and permanent insurance (18 percent) have better coverage than those that rely only on either term or permanent policies (Both: $407,700; Permanent only: $197,400; Term only: $300,800).
This year marks the 10th anniversary of Life Insurance Awareness Month (LIAM), an effort to raise awareness among consumers and producers about the need for life insurance. With disposable income at an all-time low, American families have to make difficult decisions to determine their financial priorities. Unfortunately, LIMRA research shows that life insurance is not at the top of the list. Yet, many American families say they could not last a month without the breadwinner’s salary.
Now more than ever, it is vital that consumers protect their financial security. Life insurance has been providing this kind of protection to Americans for more than 200 years.
For more Life Insurance Awareness Month coverage, see: