September is Life Insurance Awareness Month (LIAM). Why?

Great time to review your policy to ensure that you are adequately covered… and at the best rate!

“To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit LIFE Foundation coordinates Life Insurance Awareness Month. Each September, LIFE is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups.” -http://www.lifehappens.org/liam/

According to a 2008 LIMRA study:

• 68 million American adults have no life insurance and among those with coverage, most have far less than experts recommend.
• 15 percent of husbands and 28 percent of wives have no life insurance.
• 6 million households (10 percent of families with children under 18) have no life insurance or term life insurance protection.
• The percentage of families with dependent children that admit they’ll have immediate trouble with everyday living expenses is 22 percent.

LIAM is also a great reminder to review your policy annually (assuming you already have one). Term insurance prices are at historic lows, by reviewing your policy with an agent annually you are ensuring that you have the lowest rates for your policy coverage. Also, as your life stages change, your needs coverage needs may change as well. This could also lead to a decrease of your rate.

Reviewing your policy will only take about 15 minutes and could be done over the phone. Your best bet is to use an agency which works with multiple carriers (at least 50) they way they easily compare all the carriers at once.

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