September is Life Insurance Awareness Month for the insurance industry. This month, we focus our efforts on spreading the word about the important role that Life Insurance can play in risk management planning.

The most common question we hear about life insurance is, “Do I really need life insurance?”

The answer is not simple: It really depends.

Having a life insurance policy in place protects your loved ones and others that rely on you from financial loss and unnecessary hardship.

Liabilities – Income – Final Expenses – Education (L.I.F.E.)

Consider the four factors of L.I.F.E. when analyzing whether or not you might need life insurance coverage:

  • (L) Do you owe on a car or mortgage loan, and would you want your family to be able to retain those assets should anything happen to you?
  • (I) If you were gone, would your loved ones be able to survive the day-to-day costs of living without your income? How much time would you hope they would be able to take away from working to recover?
  • (F) Funerals costs can range upwards of $10,000. Is this part of your savings plan?
  • (E) Would you want to be able to guarantee your kids could still afford to go to college? What about your surviving spouse – would they further their own education?

Obtaining coverage when you’re young:

Millennials should also consider whether or not they might need life insurance. Though this age group tends to put off the traditional milestones that would typically warrant interest in life insurance coverage, 20- or 30- year-olds can benefit from obtaining coverage while they are young and healthy.

Policies are cheaper to obtain at a younger age. Accelerated underwriting is available to those with impeccable medical records. Additionally – policies placed at a young age can be upgraded without additional medical underwriting if the need for insurance evolves in the future.

Other reasons you might need life insurance:

Private Student Loans

  • Protect your co-signers – private loan creditors can chase them down if a borrower dies.
  • Protect your spouse – who could also be held accountable for any private outstanding loans.

Starting a business?

  • Term life can make sense to protect key partners & critical personnel.

Types of coverage:

Term coverage is different from permanent life insurance, which doesn’t expire after a stated period. Permanent coverage includes whole life, universal life and variable life. These policies may be best suited for estate planning and retirement income strategies.

Term life can be obtained for less than you might think. View options side by side here.

For many folks, the premium on their life insurance is a small price to pay in exchange for the sense of security they will provide should disaster strike.

Participate in Life Insurance Awareness Month:

  1. Visit to evaluate your needs during the month of September.
  2. Need coverage? View options side by side here.
  3. Contact us for more information.