Would your loved ones be able to pay living expenses if you were to pass away? If the answer is "no" or you're unsure, you aren't alone. According to LIMRA and Life Happens'
2016 Insurance Barometer Study
, 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner were to die. Even if you aren't the primary wage earner, the absence of your income and support will be felt almost immediately.
Life insurance is a necessity, yet many families still don't have coverage for a variety of reasons. The same study found that 40 percent fail to buy life insurance simply because they don't know how much to buy. For this reason, and several others, Life Happens has designated September as Life Insurance Awareness Month.
Life Insurance Awareness Month
2016 is the 13th anniversary of
Life Insurance Awareness Month (LIAM)
, which is a campaign to increase awareness among consumers and industry leaders about the need for life insurance. Americans as a whole aren't saving as much, and many households have a significant amount of debt. While there is a growing sentiment that there is value in life insurance, not enough people are actually insured. This is clearly illustrated by the results of the latest Insurance Barometer Study.