5 Key Facts for National Life Insurance Day

National Life Insurance Day on May 2 serves as a crucial opportunity for individuals to reflect on the importance of life insurance. Whether you already have coverage or are contemplating it, understanding essential facts about life insurance can empower you to make informed financial decisions. Life insurance is not just about financial security—it's about protecting your loved ones when they need it most.

Fewer People Are Covered Than Before

Today, only 51% of consumers have life insurance, a decrease from 63% in 2011. This alarming trend highlights the need for individuals to review their coverage and ensure they are adequately protected. It is vital to not be part of the growing number of underinsured individuals.

Many Feel They Need More Coverage

Did you know that 42% of adults—over 102 million people—believe they need more life insurance coverage? Delays in purchasing coverage often stem from uncertainty and misconceptions—a hesitation that can have lasting financial repercussions.

It’s More Affordable Than You Might Think

A common misconception is that life insurance is costly, with many overestimating the cost by up to three times its actual price. In truth, life insurance is an accessible investment that provides peace of mind and financial security without breaking the bank.

Your Needs Change Over Time

As life unfolds, significant events such as marriage, having children, or buying a home increase financial responsibilities. These milestones make it critical to review and update your life insurance coverage to align with your evolving needs.

Increasing Coverage Is Simple

Enhancing your coverage over time is straightforward, thanks to policy riders and additional plans. Many policies even allow increases in coverage at key life stages without requiring a medical exam, offering you flexibility and ease.

As National Life Insurance Day approaches, take this opportunity to review your life insurance needs. Assess your coverage, explore available options, and make informed decisions to safeguard your financial future. Consider consulting a financial advisor or getting a policy review to ensure your loved ones' protection is secure.