September is Life Insurance Awareness Month. The Missouri Department of Commerce and Insurance wants to encourage Missourians to be aware of their needs and review their life insurance coverage.
According to the Life Insurance Marketing and Research Association (LIMRA), 51 percent of consumers reported owning life insurance, down significantly from 63 percent in 2011. The number one reason consumers give for not purchasing life insurance - or more of it – is that it’s too expensive. However, recent studies show about 72 percent of Americans overestimate the actual cost of a basic term life insurance policy.
These statistics mean that more education could help consumers understand the importance of life insurance and its role in helping protect their families.
“Helping families overcome the financial burdens after losing a loved one is important,” said Chlora Lindley-Myers, Director of the Missouri Department of Commerce and Insurance. “Life insurance provides additional support and helps families avoid some of the monetary burdens that can come with a death. Although these can be difficult conversations, everyone should take some time to review their current policies or gain information and education about potential coverage options.”
Life insurance is the foundation for strong financial planning and security for your family. DCI’s website: https://dci.mo.gov/ - includes many resources to help Missouri consumers research insurance agents and companies and general information about life insurance. The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator: https://eapps.naic.org/life-policy-locator/#/welcome - is a free online tool to help consumers find their deceased loved ones’ life insurance policies and annuity contracts.
For any insurance questions, Missouri consumers can call DCI’s Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov/consumers.
DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities and various professional licensees operating in the state. For more information about the department, please visit our website at dci.mo.gov.
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