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Team SJB Tips

Protect Your Family’s Future During Life Insurance Awareness Month

Life insurance is a simple and affordable way to protect the financial future of your loved ones. Team SJB is your resource for all types of life insurance and is here to help with any questions you might need answered. We partner with all the top rated carriers to help families in the Atlanta Metro and West Georgia areas manage the tough questions surrounding the need for life insurance.

Each September, more than 100 of the nation’s leading insurance companies and industry groups take the time to emphasize the importance of including life insurance as part of a solid financial plan. Life Insurance Awareness Month (also known as LIAM) began in 2004, when the nonprofit organization Life Happens founded this initiative to help educate consumers.

Life insurance applications have been on the rise during the coronavirus pandemic. Understandably, more people want to protect themselves from a financial fallout during a global pandemic. But even under the best of circumstances, LIMRA research shows there are at least 102 million Americans living with a life insurance coverage gap. 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. The recommendation has always been that life insurance is necessary for anyone whose death would result in financial strain for another person.

  • Is life insurance expensive? Life insurance premiums are based on many factors such as age, health, family history, coverage, type of policy, and terms. It is best to work with a qualified agent to take the guesswork out of developing a plan that will work in the short and long term. Everyone’s situation is different when it comes to how much and what type of life insurance to buy. In our experience, many consumers often overestimate the cost of life insurance. The cost of a policy that fits your needs may easily fit into your budget. Of course, the earlier you purchase a life insurance policy and the healthier you are, the more affordable it tends to be.
  • How much life insurance do I need? Life insurance can be tailored to the specific needs of your family’s financial situation and financial future. The amount you need will depend on your financial goals and the expenses you would want covered in the event of your death. Smaller policies are available to cover end of life and funeral expenses so that your family is not burdened by these expenditures. On the other end of the spectrum, if you are the primary income earner for your household, you will want to take into consideration your family’s cost of living, your personal and household debt and the projected costs of your children’s education as a starting point to determine the amount of coverage you need.
  • Will I ever need to change my life insurance policy?  It is a good idea to do a thorough review of your life insurance policy anytime you experience a change in your financial situation, financial obligations, or your life circumstances. You want to make sure the policy addresses the ever-changing financial structure of your family.

Contact Team SJB today for a no obligation consultation.