September Marks the 20th Anniversary of Life Insurance Awareness Month

During the last two decades, Life Insurance Awareness Month has been recognized as a way to show how life insurance protects consumers’ loved ones. During the month, life insurance companies, financial advisors, and other organizations work to educate the public about the importance of life insurance and how it can provide financial security. This year, the focus is on helping consumers understand the different types of life insurance and how to choose the right policy for their needs.

The theme for 2023 is “Life insurance is for anyone who lives.” This campaign encourages people to take a closer look at their life insurance needs and ensure they have the right coverage for their families.

Life Happens, a nonprofit organization dedicated to providing educational information about life insurance and related products, explains the thought behind this year’s theme:

“You might wonder if life insurance is worth it since you won’t be there to use it. But the truth is, life insurance isn’t for the people who die. It’s for the people who live. From paying bills and the mortgage or rent to funds for college and retirement, life insurance is for so much more than a funeral. And many don’t know that life insurance can come with living benefits, including funds you can use while you’re alive to do things like buy a home, supplement your retirement income, cover an emergency expense, and more. Life insurance is for anyone who lives. Get the coverage you need today.”

At Davies, we hope consumers understand that life insurance is more than just a financial product — it’s a way to protect their loved ones.

In conjunction with Life Insurance Awareness Month, LIMRA and Life Happens released their 2023 Insurance Barometer Study with some important key findings. This includes the following:

• Overall, self-reported life insurance ownership rose from 50% in 2022 to 52% today.
• Among life insurance owners, 21% say they do not have enough coverage.
• Non-owners who say they need life insurance represent 30% of all respondents, similar to 2022.
• The percentage of Americans with a life insurance need gap rose sharply in 2020 and has not ebbed since the generally accepted end of the COVID-19 pandemic in 2022.
• Of respondents earning $50,000 to $149,999 annually, 39% say they need or need more life insurance. The high level of need, combined with the large number of households in this segment, suggests interest from 48 million middle-income consumers.
• A quarter of the three younger generations cite a “lack of knowledge about life insurance products” as a reason not to own.

Life insurance in America is critical for financial security and peace of mind. It provides a safety net for loved ones in the event of a tragedy. Life insurance can provide financial assistance to those who would otherwise struggle to make ends meet. It can also be used to cover funeral expenses, medical bills, and other financial obligations. It is an important investment that can help protect families from the financial burden of an unexpected death.

To learn more about how Davies is helping Life & Health insurers, please visit https://davies-group.com/northamerica/solutions/claims-solutions/life-health.