Test your life insurance knowledge by answering True or False:
- Your life insurance can pay for your mortgage or rent. True or False?
- Your life insurance can fund college and retirement. True or False?
- Your life insurance covers funeral expenses only. True or False?
If you answered “True” for the first 2 statements and “False” for the last one, congratulations! You answered correctly. If you didn’t, your life insurance knowledge needs some updating. But no worries – September is Life Insurance Awareness Month (LIAM).
Spearheaded by the non-profit organization Life Happens, the LIAM campaign aims to educate consumers about the importance of life insurance; helping you choose the coverage that fits your needs. That’s why this year’s campaign theme – “Life insurance is for anyone who lives.” – seeks to raise awareness “that life insurance can come with living benefits, including funds you can use while you’re alive to do things like buy a home, supplement your retirement income, cover an emergency expense and more.”
Intangible rewards
Beyond its tangible benefits, owning life insurance comes with intangible rewards as well. According to LIMRA, research shows that owning life insurance increases feelings of financial security. Nearly 7 in 10 life insurance owners say they feel financially secure compared to less than half of non-owners.
Fact vs Fiction
Educating oneself about life insurance starts by knowing what’s fact and what’s fiction. Here’s a guide from LIMRA and RetireGuide:
Calculating your life insurance
For anyone who’s deciding what type of insurance coverage they need, the experience can be a bit overwhelming. Mercado Global Insurance Brokers make it easy. We offer expert advice to start them off on their life insurance journey. So they can sort out their needs and match it with the life insurance that fits their goals and their budget.
