It’s Not for You, It’s for Them

Life Insurance Awareness Month informs Americans about the value of life insurance, and provides resources to determine coverage based on an individual's needs. According to the 2019 barometer study published by LIMRA, most consumers see a need for life insurance, but ownership is lagging.

The study revealed:

• 66% of American adults have reported that they need life insurance, but only 57% indicated “I have life insurance." The 9% gap between those who have said they need it and those who have it represents 23 million people.
• One third of Americans have a primary financial advisor, and 17 percent are looking for one, suggesting that 42 million consumers are in the market for financial advice.
• Members of the Gen X (17 percent) and Millennials (29 percent) generations are more likely to be looking for an advisor. These generations are more likely to use social media to research potential advisors.

State Farm Insurance helps customers understand that life insurance is the foundation for financial planning:

• It protects people by helping loved ones recover from financial risks and unexpected costs, giving them the means to plan for tomorrow.
• Life insurance provides the protection that increases the chances of reaching long-term goals and dreams.
• Thinking about financial protection and retirement can seem overwhelming, but as your life changes, so does your financial situation.
• Key life events such as marriage, moving or buying a home, children, job changes and retirement are important indicators that signal changes that might need to be made.

By focusing on protection first and then investment, State Farm helps customers protect against the things than can go wrong so they can invest for the thing that can go right.

Additional Resources:

Life Happens: https://lifehappens.org/

How does life insurance work: https://www.statefarm.com/simple-insights/life-insurance/how-does-life-insurance-work

How much life insurance do I need? Life Insurance Calculator: https://www.statefarm.com/insu...