Combined Insurance, a Chubb company, is encouraging consumers to educate themselves about the benefits and protection that having a life insurance policy offers.
Each September, Life Insurance Awareness Month is organized by Life Happens, a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products.
According to a 2018 study by Life Happens, more than 1/3 of households would suffer financial hardships if their breadwinner were to pass away. In addition, 90% of millennials don’t have the life insurance coverage they need. According to the same study by Life Happens, a generational lack of education about the different types of insurance products and how they work is resulting in a whole generation of under-insured individuals.
“Life insurance is one of the most important investments we can make in our lifetime. Although the loss of life is not an easy topic to think about, adequate preparation can help alleviate stress during an unexpected situation,” said Doug Abercrombie, Chief Agency Officer at Combined Insurance. “We encourage everybody to take the steps necessary to explore life insurance coverage and obtain peace of mind.”
When researching life insurance products, consumers should keep these tips at the forefront:
Research the two main types of life insurance available—term life and whole life to determine which best fits their needs
Look for a plan that provides for benefit payments to be made directly to the insured or insured’s designee
Speak with an authorized life insurance agent in their state to obtain a quote that is specifically tailored to your life circumstances
“Our agents take pride in helping customers make good choices, recognizing that each customer has unique needs and life circumstances. They realize that not everyone needs life insurance, but often share stories about how life insurance saves families from financial burden,” said Abercrombie.
Source: Company Press Release