Idahoans encouraged to review life insurance needs
BOISE, Idaho (KIFI) – September was Life Insurance Awareness Month, a campaign to educate consumers about the importance of life insurance and the role it plays in protecting families’ financial security.
The Idaho Department of Insurance encourages Idahoans to discuss their life insurance needs with a trusted insurance agent and assess if they are sufficiently safeguarded.
According to the Life Insurance Marketing and Research Association’s (LIMRA) 2022 Insurance Barometer Study:
- Half of American adults — representing 129 million Americans — say they don’t have life insurance.
- More than 4 in 10 families would face financial hardship within six months should the primary wage-earner die, and a quarter would struggle financially within a month.
- More than 4 in 10 of parents with financially dependent children don’t have life insurance.
- Forty-one percent of Americans — 106 million adults — say they need (or need more) life insurance.
- Seven in 10 Americans who own life insurance feel financially secure, compared with less than half of those uninsured.
“Dealing with the financial aftermath in the death of a loved one is difficult and often confusing,” NAIC President and Idaho Insurance Director Dean Cameron said. “There were many times when, as an agent, being able to present life insurance proceeds to grieving families made it possible for them to not only take care of funeral arrangements, but it also removed the fear of losing the family home or not being able to pay for kids’ college.”
The Idaho Department of Insurance website features tools to help consumers research insurance agents and companies. The website also provides answers to several of its consumers’ most frequently asked questions and features a Life Insurance Policy Locator Service, which helps connect consumers with their deceased loved ones’ lost life insurance policies and annuity contracts.
