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September is Life Insurance Awareness Month

Posted on: September 14, 2018

When you think about your personal finances, chances are a lot of things pop into your head.  Saving for retirement, reducing debt, and rising college costs.  If you are exceptionally perceptive, you might think about inflation’s impact on your standard of living or the steady rise of healthcare costs that could derail your plans.  Business owners might consider keeping their business viable, relevant, or both.  Some even find these challenging puzzles invigorating (Full disclosure, I put myself in this category…hence my chosen profession).  While any thoughtful reflection about preparing for your financial wellbeing is ultimately more fruitful than not thinking about it, one particular discussion continues to be avoided.  For an assortment of reasons, human nature being chief among them, people do not dwell on insurance planning.  More to the point, people do not tend to incorporate life insurance planning into their general financial planning efforts.

September is life insurance awareness month.  Why is September dedicated to life insurance awareness?  Because there is an effort to better educate the public about the importance of insurance planning.  Because one of the most popular categories on GoFundMe.com is memorial fundraising, with 125,000+ campaigns per year that have raised $330 million+ per year.  Because the “living value” of an individual family member’s contribution to the welfare of their family is rarely calculated outside of the financial planning or insurance profession.  Because according to a number of LIMRA studies, 44% of people who do not own life insurance believe they have enough life insurance or don’t need any insurance.  Because 6 in 10 millennials don’t know how much coverage they need or what type of insurance to buy.  As a result, September is Life Insurance Awareness Month (LIAM).

How does this impact you?  That’s a tricky questions…try a starting point.  After reading this, close your eyes.  Picture the people whom you care most about.  Imagine that you are no longer in that picture.  Would their life’s change?  Would you (or they) care if it did?  How would it change?  You may begin to look at your priorities in a new light.  At the very least, you are more aware of why September is LIAM.

travis financial advisor

By: Travis Denkenberger, AWMA®

Financial Advisor

Vice President of Wealth Management & Financial Planning

 

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