An industry-wide effort that involves hundreds of companies and thousands of insurance advisors was created by the LIFE Foundation in 2004, in an effort to raise awareness on the growing concern of Americans who lack adequate life insurance protection.
Statistics show that there is still a good majority of Americans that do recognize the importance of having life insurance but the number of those who actually own it continues to decline. The numbers show that 30% of households (35 million) have no life insurance coverage and for those that do have coverage have far less than what insurance advisors would recommend.
The goal of the national campaign is to help encourage Americans to evaluate their life insurance needs and to take the necessary steps on how to get covered. Basketball and reality TV star, Lamar Odom, is this year’s spokesperson for the campaign and he shares his personal story of loss when his mother, Cathy, died of colon cancer when he was 12 years old. Lamar explains the importance of life insurance and how it helped him to move on with his life and how it kept his future plans on track. His story can be viewed at www.lifehappens.org/lamar-video.
LIFE Foundation offers three simple steps on how to assess for life insurance needs:
Step 1: Get a sense of how much life insurance you need – Determine how much money your family will need to cover immediate expenses and how much they will need over the long-term to maintain their standard of living. To figure out the right amount of coverage to fit your needs, begin by thinking about everyone who depends on you financially, including your spouse, children, parents or other loved ones. For help getting started, visit the insurance needs calculator on LIFE’s website at www.lifehappens.org/howmuch.
Step 2: Educate yourself about the different kinds of coverage available – Life insurance policies exist for virtually every need and budget. Determining the type that suits you best depends on a number of factors, such as how long you need coverage, how much you can afford, how much risk you can tolerate and how much flexibility you need. Evaluate the different types of coverage available, including term and permanent policies, by using LIFE’s interactive product selector at www.lifehappens.org/whatkind.
Step 3: Don’t go it alone – Life insurance is one product where an expert’s opinion can make all the difference. Once you’ve established some of the basics, work with an insurance agent or other financial advisor you trust who can conduct a thorough needs analysis to ensure that all of your needs will be met. One way to find a good insurance agent is through recommendations from friends and family.
Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by outlining potential exposures and suggest solutions for all insurance needs. By no means can we address each viewer’s specific concerns in every incident. So, we strongly advise to check with a life insurance representative or financial planner to address your specific needs. However, you can also contact us for we have a financial licensed representative, Bill Raus, here at our office.