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September is Life Insurance Awareness Month (LIAM)

While Annuity Alliance focuses on connecting consumers with annuity products, our team also wanted to acknowledge that September is recognized as Life Insurance Awareness Month (LIAM).

To make sure Americans are reminded of the need to include life insurance in their financial plans, the nonprofit organization Life Happens coordinates Life Insurance Awareness Month. Each September, Life Happens is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups.

This year’s LIAM campaign features spokesperson Kelly Rowland, a four-time Grammy award-winning singer, songwriter, producer, humanitarian and mother. Life Happens' partnership with Kelly seeks to ensure Americans understand the value and comfort life insurance brings, so they can say to their loved ones.

"For me, having life insurance truly eases my heart and mind. It means that no matter what, my family can keep looking toward the future. It's that feeling that with life insurance, I've got you," said Kelly Rowland. "Life insurance is great, but the greatest thing we can give people is the information on what exactly it is and what it does for a family. That's why my partnership with Life Happens is so important; it allows me to help spread an important message about financial security, as well as the facts about life insurance so families can get the coverage they need."

According to LIMRA research, 36% of consumers plan to purchase life insurance this year. When it comes Millennials, 48% say they plan to buy coverage. This is especially important since LIMRA research also shows that 42% of households would face financial hardship within six months should a wage earner die unexpectedly — 25% would suffer financially within a month. There are at least 102 million Americans living with a life insurance coverage gap.

At the same time, research from Life Happens shows increased conversation around life insurance with 55% of Americans saying that the past year was the first time they spoke with a loved one about life insurance.

If you are interested in learning more about life insurance as well as annuity products, please contact your Annuity Alliance team.