FOR LIFE INSURANCE AWARENESS MONTH, ASK YOURSELF: DOES YOUR LIFE INSURANCE POLICY MEET YOUR INDIVIDUAL AND FAMILY NEEDS? By Gerald Korson You may not be aware of it, but September is Life Insurance Awareness Month. That’s not surprising: there are no downtown parades, no public celebrations, not even any Hallmark greeting cards to mark the occasion. And yet although it is simply an observance designed to help the insurance industry promote its products, 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 results 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 a start. But flip that and we find that 41 percent of adults lack life insurance. Not so good. 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 pass away unexpectedly, the survivors would more than likely experience financial disaster within a month. 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 of sitting down with your local Knights of Columbus field agent to evaluate what life insurance plan is best for your particular circumstances. Or start by estimating your needs by using our online life insurance calculator. 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 as is health insurance or 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 (those born between 1981 and 1996), about 40 percent believe their spouse does not carry enough life insurance. Life insurance is more critical during the child-raising years, and it is more important at any age when a couple rely on two incomes. The loss of one spouse’s income places an increased burden on the surviving spouse to continue to provide for their 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 their needs with a professional? Perhaps it’s time to do so, knowing 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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