SURVEYS CONFIRM IT’S VITAL TO HAVE THE RIGHT LIFE INSURANCE POLICY FOR YOUR PARTICULAR SITUATION, AND IT’S BEST TO CONSULT AN EXPERT By Gerald Korson Let’s not let September pass without saying a few words about Life Insurance Awareness Month. Yes, it’s a marketing hook, but it latches on to some important facts that we may not be anxious to consider. The truth is that we do need to be aware of the importance – and possibly the urgency – of owning a life insurance policy that suits our particular needs, one that provides the invaluable financial assistance to our families in the event of our death. That’s an awareness we should maintain every month of the year, not just in September. With that, here are five key stats culled from various recent insurance industry surveys that should provide some food for thought. 1. Fifty-nine percent of adults already own some kind of life insurance policy, either through their employment or through a private insurer. That’s good, as far as it goes. But flip that and we find that 41 percent of adults lack life insurance. Not so good. Granted, there are those who arguably do not need a life policy. Some are financially “set” with secure savings and investments, or have little or no debt to leave behind in case of death; some have no dependents to consider. Still, there is no denying that the vast majority of adults do require life insurance to help relieve the financial burdens on their surviving loved ones in the event of their untimely demise. If your life is not insured, then it’s something to think about seriously. Very seriously. 2. Among individuals who already have a life insurance policy, 1 in 5 admit they don’t carry quite enough. In a related statistic, 1 in 3 families say that if the breadwinner of the family were to die suddenly, the survivors would more than likely experience financial disaster within a month. Ouch. That raises a critical question: how much is “enough” insurance? The answer involves having the right kind of policy, an adequate coverage amount, a manageable premium, and terms that suit your needs. Online research and advice can help, but these matters are of such importance to you and your family that you are far better off sitting down with your local Knights of Columbus field agent to evaluate what life insurance plan is best for your particular circumstances. 3. Many adults admit to not buying a policy because they find it too costly, and not a priority among other financial obligations. However, they also tend to overestimate the cost. There are two education components to these statements. Personal financial obligations certainly are a consideration, but the risk of not having life insurance to cover those obligations in case of death is also a factor that warrants careful analysis. To carry life insurance to protect your spouse and/or family may not be a legal obligation like car insurance, but it may be a moral obligation as well as a practical necessity. The cost of life insurance is something most accurately determined by consultation with your field agent. He can walk you through your options and help you arrive at an accurate figure for the kind of coverage that will adequately protect your family – and it may well cost less than you imagine. 4. Among millennials (born between 1981 and 1996), about 40 percent believe their spouse does not carry enough life insurance. Among older generations, this is not as much of a concern. Life insurance is more critical during the child-raising years, and it is more important at any age when a family relies on two incomes. The loss of one income places an increased burden on the surviving spouse to continue to provide for the household. Even the loss of a stay-at-home parent can result in additional ongoing costs like child care in addition to final expenses. A field agent can help you determine what kind of life insurance policy you and your spouse each ought to have in case the unthinkable happens. 5. Finally, about half of all individuals say they would prefer to do business with a financial professional. Not all of these actually do, however. The good news is that about a third of adults already consult with a financial professional about their insurance needs. The trick is in finding someone they can trust. Are you part of the two-thirds who have not yet discussed your needs with a professional? Perhaps it’s time to do so. The good news is that you have a brother Knight field agent whom you can trust to provide you with an honest assessment and to recommend what life insurance policy is right for you.

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