September is Life Insurance Awareness Month, and insurers such as Northwestern Mutual, which has been named the Fortune magazine “World’s Most Admired” life insurance company for 2011, is witnessing a growth in the interest consumers have for their long term protection, as the insurer reminds people across the United States about the importance of life insurance to planning financial security.
According to the vice president of life products at Northwestern Mutual, Dave Simbro, “Life Insurance Awareness Month is a great reminder for everyone to consider their life insurance needs”.
He went on to explain that to be able to establish financial security involves more than the accumulation of wealth, but is instead a matter of protecting the wealth which has been accumulated. In that, life insurance plays an important part, as it offers financial protection should the insured individual die prematurely.
Northwestern Mutual has also stated that it is working with the LIFE Foundation, which is a nonprofit group that works to assist consumers in making the correct insurance decisions for their needs, so that the financial futures of their families are protected. LIFE spearheads three annual awareness campaigns about insurance, one of which is the Life Insurance Awareness Month.
Northwestern Mutual feels that joining LIFE is the next step in the campaign it has already been running, “A Foundation For Life”, which involves a number of videos posted on Facebook that show the stories of some of the clients of the insurers who have been able to use their policies’ guarantees and flexibility to benefit them.
Here are some tips for consumers to remember when shopping for life insurance:
_________________________Random Success Quotes to Remember ~ “There is no secret about success. Did you ever know a successful man who didn't tell you about it?” - Kin Hubbard, Humorist
When it comes to life insurance, doing your homework is one of the best things that you can do to choose the ideal policy at the best price. Shop around and obtain as much of an understanding and a price comparison as possible so that you can find a company that will provide you with precisely the coverage you want, but with the lowest possible premiums.
The coverage provided by term life insurance offers the best possible coverage at the lowest rates that can be found. This is because this type of policy only provides a death benefit. There is no investment or cash value to this kind of coverage.
People who are seeking only protection for their families may be well suited to a term life insurance policy. Premiums may be quite low and affordable, particularly among those who are healthy and young. This type of coverage is for a certain defined term, and the length of it will change from one policy to another.
Generally, terms will come in five year increments for policies for 5, 10, 15, 20, 25, and 30 years being the most frequently purchased. When the term passes, it is possible to renew the term life insurance policy for another term. This will usually involve a change in the premium.
To keep premiums as low as possible, policyholders can take certain efforts to ensure that they remain healthy, such as with proper diet and exercise. Moreover, quitting smoking can help to decrease premiums. This is because policyholders in good health will be less expensive to insure.