September is Life Insurance Awareness month and many insurers have been launching campaigns to attract new clients. Many people often put life insurance in the back of their mind because the issue of death is both sensitive and uncomfortable. Because of the unsettling nature of the subject, a great number of people go without life insurance, justifying their decision with the intention of getting coverage in their latter years. Accidents, however, are unpredictable and life itself is notoriously fickle. Given that life can come to a sudden, unavoidable halt at any given minute, life insurance can be a safety net for those left behind.
The LIFE Foundation, a coalition of insurance companies from across the country, has launched a campaign that seeks to educate consumers on the value of life insurance. Unfortunately, the foundation will have to find a way to appeal to consumers who are confronted with difficult economic times. The effects of 2008’s recession still linger, forcing many to make cuts to their insurance coverage. Life insurance has been on the chopping block for many families throughout the country.
According to LIMRA, a research and consulting firm operating in the worldwide insurance industry, fewer people have life insurance coverage now than they did six years ago. Between 2005 and 2011, more than 11 million people have discontinued their policies, citing financial troubles or a general inability to see the worth of such coverage.
The LIFE Foundation insists that life insurance is one of the best ways to protect loved ones in case of a sudden death, but that concept may prove hard to sell in an economy where consumers are much more concerned on the short-term rather than the long-term.