Life Insurance: Key Facts for National Life Insurance Day

Celebrate National Life Insurance Day on May 2 as a moment to reflect on the vital role life insurance plays in securing the financial well-being of your loved ones. Whether you're already covered or just considering your options, understanding key aspects of life insurance can guide you in making sound financial decisions.

Fewer People Are Covered Than Before

Only 51% of consumers have life insurance today, marking a decline from 63% in 2011. This trend underlines the importance of reviewing your current coverage to ensure it meets the needs of your family.

Many Feel They Need More Coverage

Over 42% of adults, or approximately 102 million people, acknowledge that they need or could benefit from additional life insurance. Common hesitations include cost misconceptions and waiting for the "right" time, but it's crucial to act before life circumstances make it more challenging.

It’s More Affordable Than You Might Think

Many believe life insurance costs three times as much as its actual price. However, affordable options are available, making it an accessible and worthwhile investment in your family's future.

Your Needs Change Over Time

Life's milestones such as marriage, having children, or buying a home increase your financial responsibilities. Regularly reviewing and updating your life insurance policy can help ensure you’re adequately protected as your life evolves.

Increasing Coverage Is Simple

Modern policies offer flexibility with options like policy riders and plans that allow coverage increases at key life stages without requiring a medical exam.

National Life Insurance Day serves as a timely reminder to assess your insurance needs. Take action today—consider consulting a financial advisor or getting a policy review to secure your family's future financial stability.