September Is Life Insurance Awareness Month: Do You Have the Coverage You Need?

Sep 2, 2021

By Dan Schulte, Senior Vice President and Manager, Annuities and Insurance

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September is Life Insurance Awareness Month which is a month-long public awareness campaign sponsored by the nonprofit organization Life Happens and LIMRA.

If the income you earn would suddenly stop due to death, could your family continue to meet their financial obligations such as paying the rent or mortgage, paying bills, daily living expenses, or even sending a child to college? While the planning discussion surrounding death is often uncomfortable, it is necessary to ensure you have the proper amount of life insurance for your family to maintain their current and future lifestyle should you die. A life insurance policy provides an income-tax free, lump sum death benefit to your family in case you die early or unexpectedly, which can be used to replace lost income and fund other needs.

The global pandemic has created a greater sense of urgency regarding the purchase of life insurance. In January 2020, prior to the pandemic, 36% of Americans who didn’t currently own life insurance said they intended to purchase it within the next 12 months.*  In May, more than half of Americans (53%) expressed a heightened need for life insurance because of COVID-19. If you feel this way, having a life insurance planning discussion with your financial advisor is the first step to implementing a plan.

Your life insurance needs are unique, and throughout your lifespan those needs can change based on your income earned and family situation. As a result, changes may need to be made to the amount and type of insurance owned. As a first step in reviewing insurance needs, gather your current life insurance policy statements for an evaluation. Your financial advisor can help you take an inventory of your existing coverage and determine if you have a surplus or shortage of coverage by conducting Life Insurance Needs Analysis. This analysis can compare income needs to income sources and can determine how much additional insurance may be needed to protect against any potential shortfall.

Don’t let your family suffer financially should the unexpected happen. We can review your situation to ensure your family will be protected should your income be halted due to an unforeseen death.

Sample Guaranteed Annual Term Life Insurance Premiums

40-Year-Old Preferred NS/$1,000,000 Death Benefit

Term Period Male Female
10-Year $442 $384
15-Year $579 $485
20-Year $753 $619
30-Year $1313 $1030


Note: Premiums are estimates from Lincoln Life Insurance Company. Rates will vary by carrier and underwriting. All products are not available in all states.


*Facts About Life 2020 Facts from LIMRA