Americans know they need more life insurance amid economic uncertainty
In the midst of economic uncertainty, 48 million American households know they need additional life insurance coverage.
"No matter what the economy does tomorrow, life insurance is there when it's needed most," says Angela Fleak, a Modern Woodmen of America financial representative in Hillsboro. "Life insurance is a way to protect life's most important assets - the loved ones left behind."
According to the LIMRA International's Life Insurance Ownership Study of household financial decision makers, those who consider themselves underinsured have many reasons for putting off the purchase of additional life insurance. Findings include:
- 80 percent of respondents find it difficult to decide how much and what type of insurance to buy, and they worry about making the wrong decision. More than 65 percent don't know who to turn to for help.
- 75 percent think they can't afford the premium.
- More than 65 percent admit they just haven't gotten around to it.
September marks the sixth annual Life Insurance Awareness Month, designed to raise awareness and educate consumers about the importance of life insurance coverage and the financial services representatives trained to help consumers meet their needs. Life insurance organizations and their representatives observe the occasion by providing information and activities regarding the role of life insurance in a sound financial plan.
"Life Insurance Awareness Month is a good time to help people decide on the appropriate amount of coverage to meet their specific needs and remind people to re-evaluate their personal needs," says Fleak.
Modern Woodmen members and others can find life insurance information and planning calculators online at modern-woodmen.org, or contact Angela Fleak at 937-728-4932 to discuss your specific financial needs.
Founded in 1883, Modern Woodmen of America touches lives and secures futures. The fraternal benefit society offers financial services and fraternal member benefits to individuals and families throughout the United States.